Someone explain this to me

I believe those are most likely fantasy prices. Posting land at those prices are akin to buying lottery tickets.

One never knows when they might have a lucky day.

Also look at the yearly taxes one would pay in Hawaii, and if you don't pay those taxes, you might lose your land.

 

The whole real estate market in this country is: any fool can ask what ever he wants as long as he can find another fool willing to pay for.
But you are completely right, all the arguments you stated do really make sense, however that will not make a roll back in prices I am afraid (reason: see my 1st line).

 

Around the public market of Dumaguete, the price for one square meter goes around 50,000.00 pesos (fifthy thousand)
No longnose buyers but (fool?) Chinese.

 

It's not just the land that is over-priced. Can't say much about Dumaguete...but in the Bacolod area...the average expat can expect to pay about 20-22,000 per square metro for a good quality Western standard house. That's about 2/3 of what it cost here in Perth. And this is one of the most expensive places in the world to live. Now no tradesman in Perth is going to get out of bed for less than $50 an hour....and the local Filipino would be lucky to get $2 an hour. That, and materials are generally less expensive in Bacolod than Perth...I'd say building costs are about double what they should be. It's all very strange.
Re the Big Island....lived in Hawaii myself for a few years...prices are a little more moderate now...but that Big Island beach front...wouldn't be underneath 20 feet of lava would it? Love the Big Island...especially up Kohala way....If I could get decent beach front around there for anything resembling that price....Negros would be a distant memory...I'll have a snoop of the local realtors...

 

Well I guess according to you I'm a fool. I bought a lot in my wife of 14 years's name and built a house for her, me and our kids. I payed P600 per sq.mtr. for the lot, and foolish enough to build a 2 story 5 bedroom house with a 2 car garage and a swimming pool.

Because of all my foolishness, I'm a very happily married man with kids I adore. And we all enjoy it very much.

Also when I did some research on area's I lived in Hawaii, I'm into it less than 1/3 what I would have to pay in Hawaii to build something similar.

However, I have seen a lot of people burned almost to death from buying land and rushing into something bad and loosing their @ss. So I agree that other countries should adopt the same policy as the home country of the immigrant, what's fair is fair.

Ron

 

On the contrary. I cannot judge for myself the price was really worth paying for it, but it surely proofs you are the one that did not buy a lot for an idiot price. Should more future buyers act the same way, it will be soon over with outraged prices. Time will learn.