Suggestion Buying Property (What is Realistic?)

After reading the Posts made here in the "Properties For Sale" section and following what others have said on here, I am wondering if the *following links (below) are a REAL indication of what is being serious in the (asking) price range here in Negros? *Maybe this type of Ad is filtered here on the Dumaguete Info Forum as what I have seen on offer here on this Forum is so much nicer and realistically priced in comparison... (WELL DONE Wrye!)

Reason is; We recently paid 500PHP per square meter for land (2000 square meters) here in Malatapay just off of the Highway via a Family friend, (who had a friend selling so mediated on our behalf) who, last week offered us another 100 square meter lot (this time on the Highway) (via another friend of hers wanting to sell) this time for 2000 PHP per square meter! Somehow for me, the the math just doesn't add up, or maybe we previously got a bargain buying at 500 per square meter? (At that time I had noticed other lots around here were selling for 400 per square meter but we liked the location so were happy to pay the 500 asking price))

I also subscribe to other For Sale pages and keep an eye on what is available, these next two links, while I am sure the sellers are serious, I am inclined to think they must be joking... (Read the comments made in the beach Lot Ad) What are the thoughts of others, is this what prices are coming to here or are the following sellers just kidding themselves?
(NB: Facebook Links)

house and lot(fully fenced)
₱3,000,000


Beach lot
₱9,000,000

 

Just for a comparison, p500/sqm = $40,486/acre (at p50 for $1 exchange rate)

 

ARAY!!

Just did a Google search for Land out in the Country where I lived (for Ipswich City, QLD Australia which is a City behind the Capital City of Brisbane) When I was younger and working, land in the country was selling for $1,000 AUD per Acre, within 5 years of looking at that land it was selling at $10,000 per acre which still put it out of reach at the time...

My search revealed the following; (I assume the larger the Lot the less per Acre you will pay)
Worked out at $12,000 AUD per Acre (for 35 Acres and about 30/45 minutes travel to the City center)
Another one offered For Sale closer to the City (for 60 Acres around 10 minutes travel from the CBC) worked out under $7,000 AUD per acre.
Another a few minutes travel out approved for Duplexes (1.3acres) worked out at around $610,000 per acre!
Wildly fluctuating!

Speaking to a Tricycle driver recently, he said his son paid 1.8M PHP for 1 Acre of land out past Sibulan, that equates to 450PHP per square meter, but I 'assume' here the more land you buy the cheaper it gets?

Papa worked behind Dauin constructing a house for a Foreigner around 2 years ago, his Boss at the time was selling land there at 3.6 hectares (roughly 8.9 acres) for 300,000 PHP per lot, but it was about 30/45 minutes (rough) travel from the National Highway, often I wonder if I would have been better off buying that instead of the 2000 square meters here in Malatapay for 1M PHP.
But with no Car, unable to travel by Motorbike etc I 'think' for the sake of convenience; I made the right decision.

But just curious if the above linked properties are being realistic, are people actually paying those kind of prices for convenience of "location location location" (like I did) or just dreaming an impossible dream even asking?

Makes me wonder if I should quickly slap 2M on our Lot and invest that towards an already established House locally around the 3M range... (When in Rome...) hehe

 

9M php for that beach lot is far too much. It does not even have a house on it.

 

Papa told me about a house somewhere around here (his old Boss told him about it) on the Beach they are asking 20+ Million PHP for! I could not imagine what that house would look like but it had want to be a Palace!!
I was wondering if 9M php was realistic for beach front property here, which is obviously more desirable to land in the boondocks, but... If someone can 'ask' 20M php, then maybe their investment warrants a wish to try and recover their outlay especially if they paid a similar amount.

 

Second reply to this thread... after reading all your replies/questions etc and considering many of the replies posted I suggest (very strongly) that you rent for 2 years and get a better handle on what things are/are not worth in this country.. There are great deals all the time so din't think you will be left out of the market if you don't buy now sir....

 

Highest priced lot I have ever heard of in the Bacong San Miguel area...... and I have lived on the beach here for 8 years ...Way too much...7000pm.

 

Thank you Gerry. Good to hear from someone who is actually living in the area, so 7,000 php per square meter is the 'normal asking price' for Beach front property in your area?

If my Math is correct, then the Seller is asking 7500 per square meter which would not be too far off of the real market value... Might not be as unrealistic as it first appeared? Obviously allowing some room for negotiation...
7500 x 1200 = 9,000,000.00 php

 

Some further investigation, luckily I prefer to live away from the beaches!

Beachfront Properties for Sale in Negros Oriental | DumagueteProperties.com

 

NOOOO>>>>>>>>>>>>>>>>>>>> 7500 pm is the highest I have ever heard for beach property in this area. Twice what is available in many other areas close by.... Only a fool would buy this lot at that price.. (apologies to the owner but if you want to sell...price it accordingly)....