Chariskeith Posted January 9, 2020 Posted January 9, 2020 Hi all I'm a UK resident wanting to buy/pay via instalments for a condo in Cebu.I'm really confused here because alot of Filipino acquaintances here in the UK say condos are relatively cheap in condo..but my Filipino partner says that a 2 bedroom condo is 7 million pesos!...I'm sure this cant be the going rate,as it's just as expensive as the price of apartments in my UK home city of Leeds!-Im sure that on average Condos shouldn't be as expensive as this,since how do even professional Filipinos-on much lower salaries than in the west-afford to buy them? Can anyone suggest a decent realtor or place to look for good value condos(that arent dilapidated or falling apart!) Many thanks Keith I Link to comment Share on other sites More sharing options...
Mick Posted January 9, 2020 Posted January 9, 2020 1 hour ago, Chariskeith said: Hi all I'm a UK resident wanting to buy/pay via instalments for a condo in Cebu.I'm really confused here because alot of Filipino acquaintances here in the UK say condos are relatively cheap in condo..but my Filipino partner says that a 2 bedroom condo is 7 million pesos!...I'm sure this cant be the going rate,as it's just as expensive as the price of apartments in my UK home city of Leeds!-Im sure that on average Condos shouldn't be as expensive as this,since how do even professional Filipinos-on much lower salaries than in the west-afford to buy them? Can anyone suggest a decent realtor or place to look for good value condos(that arent dilapidated or falling apart!) Many thanks Keith I Check on lamudi.com.ph Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted January 9, 2020 Posted January 9, 2020 7 hours ago, Chariskeith said: but my Filipino partner says that a 2 bedroom condo is 7 million pesos Yes they are but you have not said where in the Philippines which makes a difference. Link to comment Share on other sites More sharing options...
Forum Support scott h Posted January 9, 2020 Forum Support Posted January 9, 2020 2 hours ago, Jollygoodfellow said: Yes they are but you have not said where in the Philippines which makes a difference. This is very true. 9 hours ago, Chariskeith said: 2 bedroom condo is 7 million pesos!.. Here in Metro Manila that is about right. The most numerous are 1 bedroom units that run about 4 million. Be advised there are a lot of hidden costs though. Home owner fees and you have to buy a parking spot if you want one and they run about 1 million. Link to comment Share on other sites More sharing options...
earthdome Posted January 9, 2020 Posted January 9, 2020 A few years ago the average condo seemed to run about 100,000 pesos per sqm. Link to comment Share on other sites More sharing options...
Chariskeith Posted January 9, 2020 Author Posted January 9, 2020 Sorry I thought I'd mentioned in the title...its Cebu city and its environs I'm talking about.High prices in Manila dont surprise me at all...but I was quite astonished when my partner said that condos in Cebu were 5 to 7 million!!..with Cebu not being the capital city,I'm honestly shocked by this,because its exactly the same kind of price as in my home city of Leeds in the UK! I was expecting prices of 2 to 3 million for a 2 bedroom condo,not 7.The only reason I can fathom is that these condos are targeted at wealthy Koreans and Chinese...how could even many middle class Filipinos afford this? Link to comment Share on other sites More sharing options...
Forum Support scott h Posted January 9, 2020 Forum Support Posted January 9, 2020 11 minutes ago, Chariskeith said: quite astonished when my partner said that condos in Cebu As goes Manila, the rest of the country follows. 12 minutes ago, Chariskeith said: .how could even many middle class Filipinos afford this? 20% down the rest is financed. Remember the strong sense of family here. Whole extended families will contribute to a down payment 1 Link to comment Share on other sites More sharing options...
GeoffH Posted January 9, 2020 Posted January 9, 2020 (edited) 33 minutes ago, Chariskeith said: how could even many middle class Filipinos afford this? I'm not sure about Cebu but according to an aunt of the family (who is an agent for a building company) in CDO many middle class Filipino families buy a lot in a subdivision and pay a company to build a house (size of house and lot varies with budget). A small 50 sq meter lot and 40 sq meter house might be 1 to 2 million (row houses can be under a million) where as a large 2 story western style house with car port and several bedrooms would be 4 to 6 million. Condos in CDO are a bit cheaper than Cebu but 3 to 5 million is still the going rate. And of course as mentioned above finance is very much the way that they're paid for. It can be as cheap as 2000 peso a month for a basic row house through 10000 a month and up to around 50000 a month for the larger more western style houses. Given the value vs a condo the fact that more houses are sold in CDO than condos doesn't surprise me. Edited January 9, 2020 by GeoffH Link to comment Share on other sites More sharing options...
Gary D Posted January 9, 2020 Posted January 9, 2020 The golden rule when buying a condo. Never buy from plan. If units are slow to move it can take years to finish or never finish and you'll end up paying for something you will never see. 1 Link to comment Share on other sites More sharing options...
GeoffH Posted January 9, 2020 Posted January 9, 2020 6 minutes ago, Gary D said: The golden rule when buying a condo. Never buy from plan. If units are slow to move it can take years to finish or never finish and you'll end up paying for something you will never see. Yes strongly agree... and I'd add don't even buy when the buildings are part completed. It too 2 and a half years for our condo in CDO to get ready for handover and that was on a building that we looked at and was told was almost complete. 1 Link to comment Share on other sites More sharing options...
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