⌛ Real Estate--are you kiddn me?

I have been browsing some internet posts of beachfront real estate for sale in dauin.
10million pesos for a house and lot (few thousand sqm)???!!!
Am i missing something here?
Usually the prices of real estate are at least somewhat reflective of rental rates in the area.
So for this 10mil peso house, with rental returns of say 10%, it should return 1million a year in rental income, or about 80thou per month in rental.
From what i saw of the houses in this price range, i wouldnt pay anything over 30 to 40thou tops. That means the house/lot may be overpriced by 100%!
There is no way a filipino in right state of mind would fork over that much for such a property. So who will? Some foreigner who has had too many smb's?
I have a strong suspicion that the NUMBER of transactions are very, very low.
Why? Because foreigner owners are looking for foreigner buyers. What a great marketplace!
Am I off base? Someone please enlighten me?

 

Everyone askes what he wants and still many buy much overpriced, especially the foreigners, so that is how it works. Anyway, you do not have to buy it, if no one does, price will go down. Yes they become crazy by asking that much money, but more crazy foreigners buy.

 

Gotta jack up the price so the rich boys have a chance at a nice property first, the po' folk might get their chance later.

we wouldn't want to discriminate.

 

You can't go by the prices on the Internet. There's also a good chance the property you're looking at on the Internet is no longer available. Face to face negotiation with the owner is the way to go. Even better is if (as a foreigner) you have a local intermediary negotiate the purchase price for you. A trusted friend or relative for example.

 

Well,well, well............is there any registered real estate in dumaguete? it seems to me some property owner in duma want to sell there house strugling to sell because there isn't any proper real estate, all what they had is a tin pot real estate........... and asking this rediculous price that even foreigner cant afford it let alone filipinos.......common guys wake up you dont want all your hard earnings going to this conmert so called real estate.

 

I'd rather haggle the price down with the owner.

Mama and I bought our own land, designed and built our own house.











If we can do it, it can't be that hard.

 

A few more pics...

 

Marky, what a lovely house you've got in Valencia. Nice pix and thank you for sharing.
It should be ideal to buy a lot and design and construct the house of your dreams.

 

Wow that's nice

Wow that's a nice house you have; Congrats!
BTW, do you know how much the fair going rate range is for sqm for a lot in valencia? Say for a lot less than 2,000 sqm or so. On internet, it varies from 500 to 1500pesos per sqm...
Thanks!
p.s. are you an expat?

 

Thank you both for the nice compliments.

Valencia property is going for 250-1000 per Sq.mtr. Still a lot of good buys to be found for those that walk and talk.

And I'm an expat USA'n