Best Posts in Thread: Local land prices, are they crazy?

You mean such a place exists?

Btw I've seen more drunk belligerent foreigners in the Philippines than local Filipinos.

 

As long as expats don't do their research properly, you'll get local land prices driven up by pure greed and laziness.

During my research into land prices in the hills above Dauin, I've had prices quoted to my wife between 300-1200p / sq. meter. That's clearly greed at it's best. There's no possibility that I'll pay more for land in the Philippines than I've paid back home in Hawaii. A more normal price for land in the Dauin area (not oceanfront) would be 50p/sq. meter.

What's more normal is 300p / sq. meter in the outskirts of Cebu on a paved road with electric / water. That's an acceptable price. Or completely undeveloped land on Siargao Island for 9p/sq. meter.

Filipinos are usually in no rush to sell the land. They want to win the ultimate prize of selling their land to some expat that doesn't know the value of land here. So they play the long game and wait until a sucker comes along.

The better way to buy property is to buy when there's an emergency (medical / legal / etc..). Keep in mind though that you need to thoroughly research the property prior to giving even 1 centavo towards the purchase. Is there a clear title? Are back taxes owed? Is the property simply something the family paid the taxes on (perhaps in the past) and they claim it as their own? Are there dozens of family members that claim the property as their own and maybe 1 of them is trying to sell it to you while the others are unaware?

If you're just going to build a Nipa hut, perhaps just rent the property?

If you buy some property, expect that there will be later claims, once they know a foreigner is involved. It's best to get some sort of quit claim signed and notarized by every known relative on planet Earth.

Here's a suggestion: Buy some property on the Hamakua Coast of the Big Island of Hawaii. Be sure it's fee simple. The weather is a LOT better than the Philippines and it's incredibly beautiful and clean. Stay away from the volcano area and south of there as the gasses from the volcano are noxious.

 

Those prices are more or less typical depending on location and other factors such as utilities and road access. There are many areas that are much more expensive than those you quoted and other areas, not close to town, that are cheaper. BE CAREFUL as you can lose on purchasing raw land in particular.

 

What the most crazy stuff is in philippines and many other countries with lot owning restrictions, that most people which are allowed to own lot can not afford it at all! And people who can afford the lot are most time people, which are not allowed to own the lot.
Saw once a lot (no buildings on it) for around 72000 php per m2. For that price can you get top lots in switzerland.

 

Land prices are looking crazy to me, maybe I am talking to the wrong people or prices are just crazy. I am getting prices of p400/m2 5 km west of Valencia (up the mountain) which is $30,000/ac and p1,500/m2 just outside Valencia which is $122,000/ac.

What are you all seeing/finding?