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GTevenier

Philippines Real estate confusion

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GTevenier

Hello and thank you for the acceptance. I have read the real estate threads  posted on this forum more than once, learned a lot, great info, yet, hard to understand how the RE functions here. I lived in the the PH on n’off short and long stays for quite a few years now, time has come to decide where I want to retire.
I was planning to retire on Bohol island that I have visited often, the land and cost of construction were very reasonable not long ago.

Lately, say, 1-2 years ago, I’ve seen crazy things happening there. Lands that I visited 3-4 years ago offered at 600 to 900 pesos sq.m but unsold until this day they now asking for 3000+ pesos. The locals and few of the expat community I talked said is “because of the new Panglao airport.”
Scratched my head and thought to myself: There is an airport in Tagbilaran for many years,2 -3 flights a day to Manila. Question: What the new airport brought to the region other than noise and pollution added to the existing, making Alone Beach eligible for a closure “a la Boracay”? The upping of the real estate came as a cherry on the pie of another problem, that is the cost of living, labor and construction materials that raised dramatically.
I am wondering if a real estate bubble is near us; wondering also if Portugal, Greece, even Spain isn’t an alternative, better infrastructure, good climate and food, same cost of living. My 300K Swiss Francs (= same number in $US) might be a better investment and lifestyle. My Filipino GF agree. What is your experience? I know there are some long time residents knowledgeable real estate people on this board to explain what drives the prices up? strong migration of foreigners especially Chinese and Koreans? homecoming of OFW heavily investing?

Thanks in advance for your input.

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shadow

Ahhh, welcome to the Philippines. If you have trouble selling something here, simply up the price by 2 or 3 hundred percent. Then when you get someone interested, you can offer them a bargain at 20% off!

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Davaoeno
8 minutes ago, GTevenier said:

Question: What the new airport brought to the region other than noise and pollution added to the existing, making Alone Beach eligible for a closure “a la Boracay”?

maybe .  but then again maybe not .

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RR3

Location, location, location

By the sea, sea view, in the bush?

Here sea front is more than 3000p

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GTevenier
4 minutes ago, shadow said:

Ahhh, welcome to the Philippines. If you have trouble selling something here, simply up the price by 2 or 3 hundred percent. Then when you get someone interested, you can offer them a bargain at 20% off!

heheheh!!! or maybe buy one lot and get the adjacent one free?

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shadow
2 minutes ago, GTevenier said:

heheheh!!! or maybe buy one lot and get the adjacent one free?

Ok, second one half off. Is ok for you, Sir?

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GTevenier
5 minutes ago, Davaoeno said:

maybe .  but then again maybe not .

With all due respect (and expertise) friend, these kind of decisions can't be on maybes basis. We need facts before be sorry.

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GTevenier
9 minutes ago, RR3 said:

Location, location, location

By the sea, sea view, in the bush?

Here sea front is more than 3000p

No sea view for 3000. Count 5000 and up on Bohol. We're talking bush but within a livable area, close to everything. 

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to_dave007

And I can assure you sir.. my cousins and my children do not want this family land any more.  Ever since my grandfather died we hold it just for you.

Edited by to_dave007
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fred42
13 hours ago, shadow said:

Ahhh, welcome to the Philippines. If you have trouble selling something here, simply up the price by 2 or 3 hundred percent. Then when you get someone interested, you can offer them a bargain at 20% off!

In Panglao and Dauis it works!

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fred42
14 hours ago, GTevenier said:

The locals and few of the expat community I talked said is “because of the new Panglao airport.”
Scratched my head and thought to myself: There is an airport in Tagbilaran for many years,2 -3 flights a day to Manila. Question: What the new airport brought to the region other than noise and pollution added to the existing, making Alone Beach eligible for a closure “a la Boracay”?

The new airport was advertised as "international" with direct routes to a number of Asian destinations which caused the feeding frenzy..
The only international destination (Seoul) previously available in TAG has just been removed from that list!
I hear that planes cannot yet land in Panglao airport in low visibility due to a lack of technical equipment!
In regards land prices,they will continue to rise..No bubble in sight IMO.
The DENR says they will re visit environmental concerns in 4 months but say they will not close or treat the island in the same way that they did in Boracay.
The issuing of land title applications has been put on hold until further notice.
Building materials have gone up,probably by about the same as anywhere else in the R.P IMO.

1 minute ago, fred42 said:

 

 

Edited by fred42
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liquido
14 hours ago, GTevenier said:

Lately, say, 1-2 years ago, I’ve seen crazy things happening there. Lands that I visited 3-4 years ago offered at 600 to 900 pesos sq.m but unsold until this day they now asking for 3000+ pesos. The locals and few of the expat community I talked said is “because of the new Panglao airport.”

A very accurate statement...The old money now is cashing in for there kids..Its spreading threw the whole island of Bohol.Monkey see monkey do..You are wise to at least be doing your homework about the place because new Foreigner,OFW or Seaman money is pouring in..

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smokey

Shee go with the flow money can buy you love but not time 

Edited by smokey

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GTevenier
13 hours ago, fred42 said:

The new airport was advertised as "international" with direct routes to a number of Asian destinations which caused the feeding frenzy..
The only international destination (Seoul) previously available in TAG has just been removed from that list!
I hear that planes cannot yet land in Panglao airport in low visibility due to a lack of technical equipment!
In regards land prices,they will continue to rise..No bubble in sight IMO.
The DENR says they will re visit environmental concerns in 4 months but say they will not close or treat the island in the same way that they did in Boracay.
The issuing of land title applications has been put on hold until further notice.
Building materials have gone up,probably by about the same as anywhere else in the R.P IMO. 

 

Good analysis, thank you. So, the airport is not a factor that drives the prices up, the DENR not issuing titles, something that normally should down the price. Who wants to buy land if cant have a title?  Liquido has a point also: Foreigner,OFW or Seaman money is pouring in.. And maybe sellers adjust the price to the galloping inflation, current and future? Or many of the sellers hired real estate agents that doubled the sale price? Yes Smokey you're right. I bought love on time, no luck in buying land. I'll not give up, too stubborn, I'll keep you posted.

 

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Fernik
On 2/12/2019 at 9:40 AM, GTevenier said:

Lately, say, 1-2 years ago, I’ve seen crazy things happening there. Lands that I visited 3-4 years ago offered at 600 to 900 pesos sq.m but unsold until this day they now asking for 3000+ pesos. The locals and few of the expat community I talked said is “because of the new Panglao airport.”

 

Well it the same picture as in any country in any part of the world. If there is a new big infrastructure in the picture real estate market prices go up. So I am not surprised.

 

On 2/12/2019 at 9:40 AM, GTevenier said:

I am wondering if a real estate bubble is near us; wondering also if Portugal, Greece, even Spain isn’t an alternative, better infrastructure, good climate and food, same cost of living. My 300K Swiss Francs (= same number in $US) might be a better investment and lifestyle. My Filipino GF agree. What is your experience? I know there are some long time residents knowledgeable real estate people on this board to explain what drives the prices up? strong migration of foreigners especially Chinese and Koreans? homecoming of OFW heavily investing?

Thanks in advance for your input.

regarding properties in Europe, of course the prices will be much higher. But there is an additional bonus in Greece. For example if you buy property in Greece https://tranio.com/greece you can get Golden visa/residence there in like 3-6 month. The only question is in the price here starting from 250 000 euros. Or just buy without this option in compare to other European countries it is cheap.  

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