Property Prices In Your Area

[OnMyWay]

12 minutes ago, Mike J said:

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. 

That may be true in some areas, but in established expat areas like Angeles and Subic, that has always been the case for American, Aussie and Brit expats.  China is the newest factor.  Koreans are well established in Clark and Subic.

[Tommy T.]

Here in Davao the prices vary depending on location. The biggest variable seems to be land prices with building costs being about the same wherever you go. So you can spend as little as maybe 1,000/sq m for land far from the city center to upwards of 30-50k in the more popular areas.

Graham's questioning about "decent construction" is right on. When researching home building here I learned that the lower end was around 20-25k/sq m and meant everything was "ordinary" or commercial quality - including the workmanship. They will be livable and nice looking, but lacking in quality of things like doors, windows, hardware, hollow block quality, finishing work. Some places we looked at were only three months old and riddled with cracks in the walls from builders taking short cuts and using inferior materials.

I have seen plenty of shoddy workmanship and lots of that is in the developments. Building prices go up to about 35k for "decent" construction using better materials and run up to more than 45k for what many might consider a good, western quality home. As many have posted regarding our build, there are so many variables and considerations that will make a house a good home that will last and not "break."

[virginprune]

I live in the outer edge of the city, quite rural, we bought plot and built. Total cost was around P2m 3 years ago. The house is built in clay blocks, very srong, to my own design. If I was selling now I would be asking P5m.

A German lives opposite, he has a bigger house, but very poor quality build in my opinion, I watched it being built. The house alone cost him P5m to build, they saw him coming!

The best way to go is build yourself if you can find a good crew, I did, then you have the home you want at the price you want to pay. 

Prices are going up everywhere even down here. Subdivision prices here range from P1.5m for a small box up to P8m for a 'family home' with no garden.

[OnMyWay]

On 10/1/2019 at 8:40 PM, 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 was reminded to follow up on this story.  We have given up on the idea of moving to Clark, for the time being.  The housing prices being asked are just ridiculous.  Not too many years ago you could see nice established houses being sold for 3-5 mil.  Now, 15-20 mil asking price is common.  I have no idea what they really get for them, which is a problem with assessing property here.

So now I have to figure out a plan to fix up our current house in phases, so we don't have to move out.  Tough, but doable.  I met a really sharp Korean / Australian architect who is not licensed to practice here, but said he can help me with some ideas.

[graham59]

I am building my own house.. in stages, for probably a 20th of these ridiculous prices I see quoted.  

They're mostly the same hollow block steel roof rubbish anyway. 

[stevewool]

There is no chance of me buying a home over in the Philippines, in such a short time the prices have increased so much but the quality has not got any better.

[GeoffH]

2 hours ago, stevewool said:

There is no chance of me buying a home over in the Philippines, in such a short time the prices have increased so much but the quality has not got any better.

Yes I am very glad we bought when we did, even in CDO prices are 50% more for smaller places than we paid just a couple of years ago.

One of the family members works for one of the large house building companies and they're definitely getting sales, even at the increased prices so someone is buying (most of it is on finance of course).

[RBM]

38 minutes ago, GeoffH said:

Yes I am very glad we bought when we did, even in CDO prices are 50% more for smaller places than we paid just a couple of years ago.

One of the family members works for one of the large house building companies and they're definitely getting sales, even at the increased prices so someone is buying (most of it is on finance of course).

This is interesting. My friend has decided to sell up and return to the States. The local registered and (foreigner owned, via wife) agency advised P12.5M. After a few months he lowered to P10, thought must sell as other similar places were much more. Now some 6 months down the track he just lowered to P8.5....As yet no lookers.

IMHO many list at stupid prices where there is no chance of selling, I think only deals that are done can give an accurate picture. Guess a lot depends on location location location.

[Gary D]

36 minutes ago, RBM said:

This is interesting. My friend has decided to sell up and return to the States. The local registered and (foreigner owned, via wife) agency advised P12.5M. After a few months he lowered to P10, thought must sell as other similar places were much more. Now some 6 months down the track he just lowered to P8.5....As yet no lookers.

IMHO many list at stupid prices where there is no chance of selling, I think only deals that are done can give an accurate picture. Guess a lot depends on location location location.

I suspect unless you are offering finance you could struggle at any price.

[OnMyWay]

43 minutes ago, RBM said:

I think only deals that are done can give an accurate picture.

That is the problem.  How can we get data on done deals here in the Philippines?  In the U.S., everything is available for public viewing.  Selling price history, taxes, etc.