Jump to content

Update on property market in 2021


Recommended Posts

How is the real estate market in Cebu right now? Have condo sales slowed? Did prices go down? Development halted? What happened to those who bought real estate as "investments." Sitting empty or repossessed? I've seen more ads selling houses, lots, resorts, and cars. Is it as bad in Cebu as this article describes?

The Philippines’ housing market is in free-fall, amidst a struggling economy

https://www.globalpropertyguide.com/Asia/Philippines/Price-History

  • Like 1
  • Thanks 1
Link to post
Share on other sites
  • Replies 30
  • Created
  • Last Reply

Top Posters In This Topic

  • KMonde

    8

  • BossHog

    6

  • Soupeod

    4

  • to_dave007

    2

Top Posters In This Topic

Popular Posts

Got a ten-year lease yesterday on a small retail space in a commercial area. January 2020 they wanted 15k a month and we signed on 3,500 yesterday. So yeah, some prices are coming down for sure. Proba

Not in our area which is a 2hr drive from Manila on a good day. Prices have skyrocketed and continue to do so.  Seems folks from Manila with money have realized they can no longer hop on a plane and

Yeah, because of the small(ish) population here votes garner a premium. Last election they were paying 12,000 per voter. In big cities like Cagayan de Oro you're lucky to get 100 pesos and a few cans

smokey

Well if u build a condo and it cost u 3 million u offer them for 6 million and then give 20% discount and all the buyer can say is dam i got 20% off

  • Haha 1
Link to post
Share on other sites
jaybee747
12 hours ago, KMonde said:

 Is it as bad in Cebu as this article describes?

Condo that I rented last year in Cebu business park for 25k are now renting for 15k.

I almost bought a condo in 2019 for 4.1m, did not buy because the seller refused to lower the price. Now they are offering units in the same building for 2.75m "negotiable"... 2.75m is around 1 bitcoin, the price in 2019 was around 11 bitcoins, I will rather wait another year or two and if I am lucky I may be able to buy 2 condos for one bitcoin...

Edited by jaybee747
  • Like 2
Link to post
Share on other sites
BossHog
19 hours ago, KMonde said:

houses, lots, resorts,

Buyer's dream. Get in while you can. Some habitually obstinate Filipino sellers are finally breaking and giving reasonable or even cut-rate prices but you'll need to search 'em out.

Conversely in the States the real estate market is soaring. Very different reaction to the pandemic in two very different economies.

The real value buy at the moment is in unwillingly defunct resorts; there's been a massive price drop. Houses and lots are holding their value better.

 

Edited by BossHog
  • Thanks 1
Link to post
Share on other sites
to_dave007
47 minutes ago, BossHog said:

The real value buy at the moment is in unwillingly defunct resorts; t

The coast is littered with them here in Cebu.  Less than 10% of the resorts are actually doing well.

  • Like 1
Link to post
Share on other sites

That's sad. Some of these are owned by people who invested their entire life savings. Dashed dreams. If any of you have a few millions to spare, now's the time to buy. Bargains for buyers, a chance to recoup for sellers.

Link to post
Share on other sites
BossHog
8 minutes ago, KMonde said:

That's sad. 

Quite true. I know lots of foreign guys who built their dream resorts but they're now shut out because of pandemic visa regulations. 

The owners can't get in the country nor can their targeted clientele. Bit of a shit-show really.

Many are willing to sell for a substantial loss and move on to greener pastures.

Edited by BossHog
  • Like 1
  • Sad 1
Link to post
Share on other sites
Soupeod
12 hours ago, BossHog said:

Conversely in the States the real estate market is soaring. Very different reaction to the pandemic in two very different economies.

I recently read it has now slowed way down or stopped in general, no specific location was given in the article. There have been a few on this topic. 

example articles - http://www.homebuyinginstitute.com/news/real-estate-market-slowing-down/

https://finance.yahoo.com/news/americans-haven-t-down-housing-174212114.html
 

Edited by Soupeod
Added links
  • Like 1
Link to post
Share on other sites
govoner

This is a very well researched and written article .(a rarity in the Philippine property genre ).

it makes depressing reading for property investors and the general population as well.

A friend just sold his condo for 9 mill odd, a bit less than he paid for it 10 years ago

wasnt sure whether to congratulate  or commiserate with him.

  • Like 2
Link to post
Share on other sites
Soupeod
20 minutes ago, govoner said:

This is a very well researched and written article .(a rarity in the Philippine property genre ).

We didn’t get the article @govoner :)

Link to post
Share on other sites
maximian
13 hours ago, BossHog said:

Buyer's dream. Get in while you can. Some habitually obstinate Filipino sellers are finally breaking and giving reasonable or even cut-rate prices but you'll need to search 'em out.

 

Not in our area which is a 2hr drive from Manila on a good day. Prices have skyrocketed and continue to do so. 
Seems folks from Manila with money have realized they can no longer hop on a plane and head South for the weekend with ease. 
Even though resorts are still closed nobody is selling, as they know the Manila crowd will go local more in the future. 

  • Like 3
Link to post
Share on other sites
crazygolfer

Does anyone know how the resorts on Boracay are doing? Just before the Covid the resorts were closed due to clean up in the area...... Must be many that are closed?

Link to post
Share on other sites
govoner
12 hours ago, Soupeod said:

We didn’t get the article @govoner :)

I meant the original article that started the thread.

  • Thanks 1
Link to post
Share on other sites
BossHog

Got a ten-year lease yesterday on a small retail space in a commercial area. January 2020 they wanted 15k a month and we signed on 3,500 yesterday. So yeah, some prices are coming down for sure. Probably won't use it for another year or so until the tourists come back (it's for a souvenir shop) but seemed a good deal so I locked it up.

  • Like 5
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...