Property Prices In Your Area

[OnMyWay]

You may recall that my wife and I were thinking of moving to Clark, from Subic, for various reasons.  I posted about it last June.  Since then, we have been scouting properties online.  I'm very discouraged.  Clark / Angeles home prices and rents have skyrocketed.  A few years back, I remember really nice larger places (3+ BR) being advertised for 5 mil.  Now, anything really nice is 10 mil +.  15-20 mil asking prices are very common for a nice expat friendly house in a good sub-division.  I won't go into the reasons why in this post.

I do realize that asking prices are not the best indicator, especially online.  I'm just using it as a bit of a benchmark.  However, I have discussed it with some residents of Angeles, and they estimate that prices are up 50% in the last year or two.  An agent said that the last decent house she found for 5 mil was a fixer upper in a neighborhood that had a lot of fixer uppers.  Remember I'm talking about larger houses.  Of course you can find small houses in a Filipino neighborhood for far less.

So I wanted to do an informal survey.  What does a nice large house in a good sub-division cost in your area?  Let's say, at a minimum, 3 BR, 2-3 ba, maids room, larger western style rooms, parking for 1-2 vehicles, decent construction.  Etc.  Are the prices up in your area too?

[graham59]

'Decent construction' ? 

I'll get back to you.  Might be a while. 

 

[graham59]

The value of our shack and land has doubled, if not trebled during the past couple of years.  Not that it will be getting sold anytime soon. 

When I and the first Mrs lived in Malabanias, AC, early 2000s, we were offered the 4 bed house we were renting, for 1.8 mil.  Maybe should have invested, eh. 

Edited October 1, 2019 by graham59

[hk blues]

34 minutes ago, OnMyWay said:

You may recall that my wife and I were thinking of moving to Clark, from Subic, for various reasons.  I posted about it last June.  Since then, we have been scouting properties online.  I'm very discouraged.  Clark / Angeles home prices and rents have skyrocketed.  A few years back, I remember really nice larger places (3+ BR) being advertised for 5 mil.  Now, anything really nice is 10 mil +.  15-20 mil asking prices are very common for a nice expat friendly house in a good sub-division.  I won't go into the reasons why in this post.

I do realize that asking prices are not the best indicator, especially online.  I'm just using it as a bit of a benchmark.  However, I have discussed it with some residents of Angeles, and they estimate that prices are up 50% in the last year or two.  An agent said that the last decent house she found for 5 mil was a fixer upper in a neighborhood that had a lot of fixer uppers.  Remember I'm talking about larger houses.  Of course you can find small houses in a Filipino neighborhood for far less.

So I wanted to do an informal survey.  What does a nice large house in a good sub-division cost in your area?  Let's say, at a minimum, 3 BR, 2-3 ba, maids room, larger western style rooms, parking for 1-2 vehicles, decent construction.  Etc.  Are the prices up in your area too?

I'm in Iloilo - I live in a reasonably good sub-division - one where many ex-pats choose if they are going to live here.  You can still get a 4 BR + Maid Room + 3 Bath with moderate sized rooms for 5-7m but if you want a US room-sized house you'd pay 10m+.  The sub-division is huge and continues to develop so the developer increases the price automatically by 10% each year.  That said, those who have tried to sell their unit 2nd hand find it extremely difficult and usually lose on what they paid or choose to try to rent out or leave it empty.     

[Gary D]

We are about to build a compact 3 bed 2 bath with double garage, we own the land, there's not going to be much change out of 2m.

[fillipino_wannabe]

12 mil for a fairly big 5 bed in a decent subdivision but cheaper area of Quezon City. About 30% of the subdivision is empty and they struggle to rent them out for 30k per month. Pretty obvious bubble.

[OnMyWay]

1 hour ago, Gary D said:

We are about to build a compact 3 bed 2 bath with double garage, we own the land, there's not going to be much change out of 2m.

I really didn't want to, but buying some land and building to our specs might be the cheapest way to go.  The problem is, it takes a long time and we still have to have a place to live in the meantime.

[OnMyWay]

27 minutes ago, fillipino_wannabe said:

Pretty obvious bubble.

That is what I am thinking.  Especially in Manila with the POGO issue ongoing.

In Clark / Angeles an agent said the Chinese are driving up the prices.  Another guy on a FB group I am in said he made a deal on a nice place in Angeles for 40k a month.  Handshake deal.  He was waiting for them to move out when they rented it out to some Koreans for 100k!

[GeoffH]

We’re in a subdivision on the edge of Cagayan De Oro so prices tend to be a bit lower here.  We moved from a smaller rented house and bought a 3 story, 4 bedroom (master bedroom with en-suite CR) house with large Sala, media room, 2 kitchens (1 for looking at and 1 dirty kitchen to cook in), undercover parking (1 car only) and separate maids bungalow with Cr and kitchen on a 200 sq meter lot for 5 million 2 years ago.  Just recently a smaller but nice 2 story house down the street sold for 5 million.

Still very reasonable compared to Australian house prices.  Median house price in Melbourne is over 20 million peso and Sydney median price is about 30 million peso.

 

Edited October 1, 2019 by GeoffH

[Mike J]

6 hours ago, GeoffH said:

Still very reasonable compared to Australian house prices.  Median house price in Melbourne is over 20 million peso and Sydney median price is about 30 million peso.

I think you have hit on what may be driving a lot of this bubble.  Someone from Australia, USA, China, etc. arrives and see houses that are "cheap" compared to what is available in the respective home countries.  So they think it is a bargain and buy it at or near the list price.  The people who own houses around the one that sell hear this and raise their price accordingly.  We are beginning to see some of that here in Moalboal with prices going up and a lot of new houses.  Also a lot of smaller apartment building with just a few units.  The prices for land and/or houses that is on or near the ocean and already has access, water, and power is going up at a crazy rate.