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Cebu property market?


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Davaoeno
1 hour ago, Mangoshake said:

Ehh you don’t trust others holding  your money, but you’re not against off-plan buying? 🤔

The principle with off plan buying is having to trust others with your money .

Nobody is forcing you to do anything you don't want to do. Nor is anyone demanding that you respect my opinions. 

 

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And ability to pay your mortgage which any house over 3 million most likely has no mortgage maybe prices will drop in the 1 to 4 million range  i have not asked everyone but out of the 30 home owners

Lots of optimism here but none of us has ever been through anything like the sort of economic damage this virus is causing worldwide and its only going to get worse. To sell anything requires a buyer

These are odd times. We haven't had a pandemic since 1918. As a real estate investor I can assure you that " odd"  doesn't necessarily mean " bad".    Don't reject a screaming hot deal just becau

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RogerDuMond
On 5/17/2020 at 8:34 AM, Ozepete said:

How is the property market holding during this Covid19 crisis?

Asking prices for provincial property, especially in this area, have increased dramatically during the pandemic.

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govoner

Prices slipping in Manila 3 bed condos down a whopping 16% in Makati

But of course Cebu is different

Philippines’ housing market is now very weak amidst an ailing economy

GLOBAL PROPERTY GUIDE NEWS TEAM | April 03, 2021

Home

Property News

Prices of 3-bedroom condominium units in Makati CBD down 16.11% during 2020

The Philippines’ housing market is now struggling, amidst coronavirus-induced economic downturn. The average price of 3-bedroom condominium units in Makati CBD plummeted by 16.11% during 2020, far worse than the previous year’s 1.03% fall. In fact it was the worst performance since 1998. Quarter-on-quarter, house prices in the CBD fell by 8.7% in Q4 2020.

House price boom 

The Philippines experienced a house price boom from 2010 to 2018, with Makati CBD prices rising by more than 132% (76% inflation-adjusted) due to strong demand and rapid economic growth. But with a slowing domestic economy, coupled with the US-China trade war, the housing market slowed sharply last year, with real house prices falling by 1%. Worse, the coronavirus pandemic has derailed a much-awaited housing recovery last year.

Rents, rental yields; good yields at 6.13%

Metro Manila apartment costs are moderate, at around $3,952 per sq. m. 

Philippines: typical city centre apartment buying price, monthly rent (120 sq. m)

 Buying priceRate per monthYield

Metro Manila$474,240$2,4226.13%

Recent news: The Philippine economy shrank by a huge 9.5% in 2020 from a year earlier, its biggest contraction since the Philippine Statistics Authority (PSA) started collecting data in 1946, as the COVID-19 pandemic crippled consumer spending and business activity. The economy grew strongly by an average of 6.4% annually from 2010 to 2019.

The IMF expects the Philippine economy recover this year, with a projected real GDP growth of 6.6%. 

The Philippines has the second highest number of COVID-19 cases and deaths in the Southeast Asian region.

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Fresh
6 hours ago, govoner said:

Quarter-on-quarter, house prices in the CBD fell by 8.7% in Q4 2020.

I'd love to know how they calculated that 8.7%.

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Soupeod

I did notice on Onenews the number of defaults on loans is way up. Probably the Ofw’s who bought condos cant pay their rent.

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samatm

I think its a very healthy correction....Manila is becoming one of the most expensive cities in Asia....  Let off some steam from the frenzied economic bubble.    I think the Pandemic and  the slow down of Chinese investment are key reasons for the slow down and fall of real estate prices. 

 

 

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to_dave007

Local expat built a gorgeous house here in Tuburan about 2 to 3 years ago on about 2000 square meters of rocky beach (with protected mangrove) titled property.  Kitchen and dining must have been 130+ square meters by itself.  2 equally big bedrooms, entertainment room, several smaller bedrooms, CRs big enough for billiards.  Nice pool. Just sold it for 50 million peso cash..  fully paid less than 12 weeks after he decided to sell it. 

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Dafey
1 hour ago, to_dave007 said:

CRs big enough for billiards

Was probably the selling point. I always wanted a billiard table in my CR!

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to_dave007
11 minutes ago, Dafey said:

Was probably the selling point. I always wanted a billiard table in my CR!

I likely exaggerated the CRs a bit.. but really a beautiful house..  the guy has style.  Honestly I thought the house was very out of place out here in Tuburan..  and I would have bet money it would sell for much less than asking after being on market long time.  Such a shock to see how fast it moved..  at the full asking price.

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Fresh
4 hours ago, to_dave007 said:

  Such a shock to see how fast it moved..  at the full asking price.

File that under the strong demand for mansions as a safe haven investment amid the pandemic.

 

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samatm
On 7/20/2021 at 4:29 AM, to_dave007 said:

Local expat built a gorgeous house here in Tuburan about 2 to 3 years ago on about 2000 square meters of rocky beach (with protected mangrove) titled property.  Kitchen and dining must have been 130+ square meters by itself.  2 equally big bedrooms, entertainment room, several smaller bedrooms, CRs big enough for billiards.  Nice pool. Just sold it for 50 million peso cash..  fully paid less than 12 weeks after he decided to sell it. 

Paid cash for it too... lots of hot money in Tuburan ..needs to be laundered somehow.  so I hear.

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to_dave007
2 hours ago, samatm said:

Paid cash for it too... lots of hot money in Tuburan ..needs to be laundered somehow.  so I hear.

You have no idea what you are talking about.  The money came from outside Tuburan.

Regardless..  you post is off-topic..  This thread is about The Cebu property market...  hot.. or not..

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samatm
On 7/21/2021 at 5:21 PM, to_dave007 said:

You have no idea what you are talking about.  The money came from outside Tuburan.

Regardless..  you post is off-topic..  This thread is about The Cebu property market...  hot.. or not..

Oh i stand corrected Dave.  Thank you.  Can you tell us if the buyer was Pinoy or not ?

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