The Philippine real estate market is finally poised for recovery after two years of uncertainty and volatility due to the pandemic. In its Philippine Real
Through the years, Cebu has evolved from being a top tourist destination into one of the leading residential destinations in the Philippines. Thanks to its rich history and influence as an economic powerhouse, many have started to see the region’s potential as a premier lifestyle hub.
By having the relaxing atmosphere of the province and the convenience of the city, Cebu Province boasts the best of both worlds. While the thought of settling down in Cebu may spark some excitement, it’s best to approach things with care. Whether you plan to live independently or settle down with your loved ones, investing in real estate will require thorough financial preparation. To help you budget accordingly, the guide we’ve prepared will give you a brief overview of the cost of living in the area.
Cost of Living in Cebu: 5 Expenses You Need to Prepare For
Before anything, keep in mind the figures below are the average costs as of writing. The prices are subject to change, and this guide is only meant to give a ballpark number to help you prepare financially.
Water, electricity, internet connectivity, and other utilities will be essential for sustaining your quality of life. Since these services will be billed every month, it’s good to have a general idea of the amount of each recurring payment. Doing so will allow you to project monthly expenses, making it easier for you to address present and future needs.
|Utilities||Average Monthly Cost|
|Electricity, Water, and Condo Maintenance||Php 4 944.18|
|Prepaid Communication Services (call per minute)||Php. 7.62|
|Internet (60 Mbps and beyond)||Php 2 507.71|
The next thing that you should consider is your weekly grocery list. Placing non-consumables aside, food will take up a huge chunk of your income, so you should always keep track of current market prices. Afterward, creating a shopping list will help you stay in line with your spending.
|Common Grocery Items||Average Price|
|Rice (1kg)||Php 52.87|
|Bread (500g)||Php 63.92|
|Eggs (one dozen)||Php 90.41|
|Beef (1kg)||Php. 406.99|
|Chicken (1kg)||Php 210.44|
|Onion (1kg)||Php 114.17|
|Tomato (1kg)||Php 87.50|
|Banana (1kg)||Php 86.25|
|Drinking-Water (1.5L)||Php 30.00|
Given the ongoing health crisis, you’re likely to spend most of your waking hours at your new home. However, making it a point to stay indoors doesn’t remove your need to move around the city. Since you’ll need to go out to buy supplies and settle other responsibilities, you should keep track of public transportation rates and note the average upfront costs of a car, as well.
|Mode of Transportation||Average Price|
|Taxi (per 1km)||Php. 13.50|
|Gasoline (per liter)||Php 51.78|
|Sedan||Php 925, 750|
Rent in Cebu is 47.04% lower than in Makati. If you’re looking to lease an apartment, you should start preparing for rent expenses as early as possible. Rental fees are highly dependent on location and unit size, but at the end of the day, terms will be set as you negotiate with your provider.
To ensure that you won’t walk on a financial tightrope, the table below will give you a good look at condo prices depending on the area.
|Apartment Type||Average Monthly Cost|
|1 bedroom in the city center||Php 23 333.33|
|1 bedroom outside of the city center||Php 13 888.89|
|3 bedrooms in the city center||Php 47 200.00|
|3 bedrooms outside of the city center||Php 28 230.77|
In case you plan to purchase a condo unit, having a benchmark will be helpful. As you start collecting options, knowing the average cost of a condo should help you identify the best units within your budget.
|Apartment in the city center (per square meter)||Php 119, 975.04|
|Apartment outside the city center (per square meter)||Php 50, 703.76|
Experience the Best of Cebu in Mandani Bay
If you’re currently on the lookout for luxury condominium units in Cebu, then allow us to make a recommendation. Strategically located along the Mactan Channel in Mandaue City, Mandani Bay is a waterfront community of its own kind.
Mandani Bay is a mere stone’s throw away from the beaches of Mactan and various shopping malls, restaurants, bars, and other establishments in the vibrant city centers of Cebu and Mandaue City.
Mandani Bay aims to transform Cebu into a world-class lifestyle destination; this 20-hectare development offers its residents the best of nature and the city. This master-planned estate is designed to switch up your quality of life through access to large-scale communal areas, green spaces, and enticing retail establishments.
Regardless if you plan to live alone or move with your family, Mandani Bay will enable you to experience the best of Cebu. If you’re interested, sign up for our virtual tour to have a better look at our units!
As one of the country’s main economic drivers, it’s only natural that many exciting developments have emerged in Cebu.
Now that more investors are starting to see what the region can bring to the table, current trends suggest that Cebu Province’s future is brighter than ever. If you’re looking to move out from the hustle and bustle of the metro, purchasing a unit in Mandani Bay is guaranteed to give you a suburban experience with the convenience of luxurious sustainable living.
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