MikeB Posted February 21, 2011 Posted February 21, 2011 But this is my point,the Philippines and some counties like Australia did not have any real negative affects caused by the global financial problems so there is no reason why one should expect the housing market to be in the state the US is in so the prices reflect the demand and current market of the country.Theres a thread on this some where here only recently.Just because the cost of a condo in America is cheap now, it has no real comparison to the Philippines.Three years ago you would have said how cheap it is to buy in the Philippines because the US was looking like it was booming.Global financial problems were only a part of the US housing collapse; bank deregulation led to riskier loans like subprime, ARMs, "interest-only" no down payment, and minority (govenment-mandated) loans and speculators created an artificial demand that drove prices higher and higher. Laws re: investment property are more stringent (harder to walk away) then a primary residence so there is some justice there. It was more like 5-6 years then 3 when prices were high in the US. I have no idea if these conditions exist in the Philippines or to what extent, and don't want to find out the hard way (again). One thing I have learned is that there is often a big difference between what you think your property is worth (or what a realtor tells you) and what someone is actually willing to fork over. Link to comment Share on other sites More sharing options...
Art2ro Posted February 21, 2011 Posted February 21, 2011 (edited) Filipinos are good imitators, even with the real estate market and luxury vehicles! But the bubble will surely burst like it did in the U.S. and eventually everyone will be able to buy those $16,000 to $20,000 condos or homes here in the Philippines too! I hope so anyways one of these days soon, because something just has to give in all this unrealistic over pricing in this 3rd world country! We all just have to wait and see what will happen down the road in a few years! If it gets worst and not to our likings, we all may have to consider other options weather we stay or leave the Philippines! Edited February 21, 2011 by Fil/AmArt Link to comment Share on other sites More sharing options...
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