Condo prices Cebu city and Mactalan island

[Freebie]

On 1/9/2020 at 7:18 PM, 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 

 

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K, most Asian apartments in whatever country will be higher in price than many parts of UK except for London. dont be suprised. Its not based on their salaries/ purchasing power, as many apartments in the major cities of Manila and Cebu are bought by OFWs on long term loans , many are bought by families, and many are bought by rich Filipinos who wait for a price appreciation. ... and on the other side many of the apartments are fuelled by strong demand.. not only Filipinos but Europeans, koreans and chinese.

A very large sized apartment in a good building in Makati in a reasonable location on Makati Avenue  is currently advertised for Rush sale at US$ 3 million.. or GBP 2.3 mill quid.

 

[Old55]

Welcome to the forum Kieth.

Questions about properties are very common here. Accurate definitive answers are nearly impossible to provide. The market in Cebu City area is hot and many factors are at play there but there is no public records of sales or available units. As a buyer you are in the dark.

We assume you have spent time in the Cebu City Mactan area?

We have looked at one or two bedroom condos in Cebu City & Mactan over the past three years. We visit once a year. Several multi tower condos are about to open this year. Same thing took place last year. They are selling and have been the past ten years. People talk about a bubble but units are still selling.

Prices. We looked at one and two bedroom mid tier units. What appealed to us cost approximately around 10 million pesos a few less many more than that. Quality was not par with US. 

Important factors.

Safety, if an upper unit were to catch fire the tower would be lost. I would not want to be in a Filipino constructed tower during a powerful quake.

Traffic, in the 90's traffic was bad during rush hour. Five years ago traffic often became gridlocked nearly all day and every year after that has noticeably become worse.

We had thought to buy a unit to live in part of every year and rent out during the remainder. Some members here have done well with this in fact have a nice income from it.

 

[Jollygoodfellow]

24 minutes ago, Old55 said:

I would not want to be in a Filipino constructed tower during a powerful quake.

The new condos being built around the corner from me appear to be very strong. They have very big thick concrete support beams so seemed to be of good construction to me.

[Old55]

29 minutes ago, Jollygoodfellow said:

The new condos being built around the corner from me appear to be very strong. They have very big thick concrete support beams so seemed to be of good construction to me.

The fact is we have no idea the structural construction quality it could be very good.

Edited January 11, 2020 by Old55

[Viking]

55 minutes ago, Jollygoodfellow said:

The new condos being built around the corner from me appear to be very strong. They have very big thick concrete support beams so seemed to be of good construction to me.

If I understood things right, it´s the amount and quality of the rebars inside the beams that gives strength to the structure.

[Gary D]

We have just stayed in a friend's condo in Subic, must be  coming up to 10 years old and is in a very sad state. Half the electrics didn't work and what did kept failing and needed the distribution board resetting. The main light in the living area didn't come on for about 15  minutes and fizzed. All of the plumbing leaked and that's on a 4.2 million condo.

[fototek1]

There are nice 70 sq meter 2 bedroom units, fully furnished and available in Club Ultima for 5 million. 10 years ago I looked at buying the penthouse that had a 270 degree view for 4 million, unfinished. It was 3 or 4 bedrooms and huge. Wish I bought it then. 

[graham59]

Even the most broken down building in Leeds UK is likely to have been better built than the rubbish here.  

Invest in Leeds...and actually OWN the property.    Spend the income from it here. 

[fillipino_wannabe]

There's a condo we always used to stay in in BGC on airbnb because it was always the cheapest. Ended up looking it up and it pre sold for 4.5 mil in 2007, now it sells for 6-6.5 mil. Barely kept up with inflation despite the price of new condos going up 10-20% every year in BGC which obviously won't continue forever. Better off investing the money in something else and just renting.

[hk blues]

If you are comparing like with like i.e. a 2-bedroom in a new condo development with facilities and in a good location, would you get an equivalent in Leeds for 100K gbp?  I don't know but you wouldn't just across the county border in Manchester so I have my doubts. 

Regardless of the build quality - it's not ALWAYS as bad as some say  b.t.w. - the price of property in SE Asia is no longer a bargain once you get into the luxury end such as most westerners would be looking at.  Too many rich locals, or locals with foreign income or money coming from family members overseas to inflate the prices, and that's before we start on us foreigners including the Chinese and Koreans.  

An added comment - in Iloilo, high-end luxury condos are going for 10m+ - that's a provincial city albeit a sizeable and fast-developing one.