Discussion in 'Surrounding Areas' started by mangoman, Jul 21, 2020.
Concerning Zoning and other Laws in the Philippines. Money talks and BS walks.
From the point of view of a local, I think Valencia is way better in many ways-----peace and order, climate, surroundings, etc.
It seems to me Valencia's LGU has (had?) a somewhat larger budget to concrete barangay roads. Maybe they had some windfall profits connected to the electricity plant contracts, I don't know, but it seems to me that the concrete runs out around Bacong a lot faster than around Valencia. Obviously, because generally people prefer living on a concreted road rather than on a dirt road/path, that means higher prices for lots. Other than that it would seem to me there's not much difference in terms of available services for residents, apart maybe from the "free water" thingy in Valencia. Oh, and PLDT has connected much of downtown Valencia with their FTTH (fibertothehome) project. Not sure how that is in Bacong.
As for individual preferences, well, some prefer to live close to the city (Dumaguete), some prefer the slightly cooler nights and more precipitation in Valencia, some want to smell the ocean when they wake up, nothing wrong with any of those.
As far as lot prices go, 2-2.5k per sqm along a concreted road not too far from downtown seems to be the going rate for Bacong/Valencia, going toward Dumaguete from either of the two land gets pricier the closer you get. Where we are in Bagacay the going rate seems to be around 4k per sqm now, Daro is closer to 7k.
Mind you, if you're not in a hurry to buy it might pay to wait around a bit before buying.
Give it 12 - 18 months and my guess is these 2-2.5k per sqm will be around 1.5k per meter or less
'Fire sale' prices depend on sellers selling. Many Filipinos seem even pre-crisis not interested in selling (or are unable to) land in existing subdivisions. I know of a circa 1000 msq lot worth about P3.5 million which has on it a 'shed-like' home of about 50 msq - the occupier says he cannot sell it as another family member has joint ownership.
I know people quoted here the starving who will HAVE to sell - but the starving often do not own land, certainly not in good, concrete-road, locations.
If a good lot comes on the market soon at P1,500 per msq, I will jump at the chance to buy it. Every disaster to date has been followed by recovery.
And if others do the same, the 'fire sale' soon becomes an auction and lot prices rise again due to market forces. However, I do think lot prices are over the top in many parts of the Philippines and an adjustment will come - Daro at P7000 means 7 million for a 1000 msq lot and that puts lot + house built on it in the price range that becomes very difficult to sell again. Or, I suppose, we all end up in 100 msq lots with 5 storey houses!
Let's hope so.
Well I guess at over a 100k in Pounds Sterling for a lot plus the cost of the build, opens up options elsewhere in the world.
I have never figured out how the Peso has remained so strong over the years, considering outside of Manila and a few other major cities so little has changed.
m2 or m3.. not msq
If you look at history many times (foreigner in special) there have been talked about a bubble in the real estate in the Philippines, but as far as I know, there have not been any, if I look up to 70 years back. The reasons many of you have already mentioned here, no.1 reason is for sure it's not poor people who own the land and properties, and the owners don't want or need sell to discount prices. You can already see the prices here in the Philippines reach a level where it's not cheap anymore compared to other countries. Though, you can still buy land to 3-500 pesos sqm in some locations
Yes, in the case I quoted, you would be paying about £200,000 - even houses squeezed into a lot with no proper outside space and a scruffy locality, can fetch £100,000+.
I think the Philippine economy has had a high growth rate over the last few years - about 8% p.a. - whereas many Western economies are struggling. You are aware of the 'B' word factor (which we are not permitted to write about here) and how that has impacted the UK economy since July 2016 - the peso rate v GBP is a factor of both economies (or what currency dealers think of them), so possibly the pesos seems strong because other currencies (including GBP) are weak.