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@@StefanRicardo-lc1fm you are right, that was a downturn in property, but looks what happened since. If you look at a chart of property price growth over the last 100 years, it’s onward and upward with a few blips. I’m sure the next 100 will be the same.
Good video, I can relate to you walking away from a property for whatever reason, be it owner or agent issues. Property is a people business and if you feel uncomfortable with those on the other side of the table, walk away while you can.
@@AmazingPhilippines1 Hi Rod. I was wondering if I can renew a US passport in the Philippines while on a tourist visa? Thanks for keeping us always updated with news in the Philippines.👍👍
The price of land in the Philippines is artificially priced higher than land in most comparable countries. Land price is not set by demand vs. available vacant land. The common Philippine worker cannot afford to buy land here. That is why thy end up on a tiny piece of land without an area for their kids to play. Ever noticed the kids in the street playing? Millions of hectares are sitting unused and unplanted while the country continues to import more and more food. Not a bright future ahead for the people.
I have been approached a number times traveling the islands about land for sale and I have undoubtedly been quoted the "kano" price Lee. I was not interested in the land but in the process and attempt to sell it.
Thanks you bro for being supportive about the Philippines in terms of its economy. I’m a Fil Am from California but planing to retire back home in N. Mindanao Godwilling!
I live in BGC and renting a 2 bd 2ba unit. Approximately 100sqm and there are 4 units next to mine that have stayed vacant since I moved in 4 months ago. I asked an agent and they said the corner unit owner is trying to sell it for 25M Php which is a little smaller than my unit. The owner is delusional to think about trying to get 25M Php (apprx $450k USD). Most likely at best it is worth only half their asking price. My recommendation is to Rent vs Buying a Condo in the Metro Manila area until the bubble pops. imho.
Just a thought, Cebu is overbuilt when you look at the infrastructure. Usually the best infrastructure is already built. But this thought may be of little use except one should look where the infrastructure is best if that is what is desired.
Thanks you bro for being supportive about the Philippines in terms of its economy. I’m a Fil Am from California but planing to retire back home in N. Mindanao Godwilling! Just hit subscribe button!
My experience in Phil you can tell a lot about the landlord by how the property is presented on viewing. If the landlord cares about the property or their potential customers it will be in good condition pre-sales. You will find loads of poorly maintained or just properties with obvious faults presented for sale "but we will fix before you move in Sir". Caveat emptor! If they don't care now why should they after you start paying rent/deposit?
They will use advance and rent deposit for repairs, before you move in. That’s why, I have a lists and talk to the administrator of the building, condo, if they are scam or not and write their names. Also, if the unit is dirty walk away, there’s a lot there and I’m not signing for one year, because if you are not happy, you’re stuck on the unit. The best is 6 months, Airbnb is expensive and hustle too.
I'll agree that the world RE market is a bit overpriced currently. But it's going to be different in each country what will bring a market correction. For the US, it might be this next election. I'm not sure about the Philippines, but getting rid of the POGO's might do it, or at least be a good start.
You would need to be mad to pay current condo purchase prices. Ortigas, for example, 1 bed condo around £145k and 2 bed starting at £200k prices are getting similar to some Western cities.
Real estate market in PH is one massive bubble, both in major cities and the province. This is reflected by the Zonal value increases over the last 10 years. The only people who can afford are top 5% Filipina's or foreigners, therefore not sustainable.
Retired last Month. Less than a month to Cebu City. My current rent is $1095 [2bed/2bath]. My Rent, if I stayed would increase to $1140 in April. Comparable Rents in IT Park/Business Park Cebu City are in the $800 to $900 range... Watching the FB Groups, I've seen those tending down SLIGHTLY. Though I will probably get a Studio/Small 1Bed at around $500 to $600 for Six Months.
PI real estate is so over priced for what you actually get. Prices would have to really drop a lot to make it worth it to purchase. For the average expat, much better off renting to have the freedom to move around.
A "large" 1 bedroom in City Lights development, just sold in a week. Extraordinary deal. 69 square meters with parking for only 6 million. Prices are definitely going down...
I think people are realizing that starting at 4 million for a small 300 to 400 sq foot studio is expensive for the Philippines. I have also seen houses being sold that have been listed on marketplace for quite awhile, that are finally coming down in prices. Some foreigners are building these super expensive western style homes and the group of people that can afford 15 million plus are very few. Those will take time to sell.
I see some huge drops in Thailand in the rental market that I haven't explained yet... maybe there is an off season.. $1000 drops in the asking price down to 400 a month according to the app.. I figure if your relationships are going better that means that there is a turn in the market.
not a chance. not anytime soon. The mentality in SEA is that you sit on real estate until you get the price you want. It's the only investment vehicle that isn't high-risk. they'd have to get pretty desperate to sell and we're not there yet. I've heard stories lately of locals wanting to raise rent prices at lease renewals. Trying to lock in foreigners at a higher rate before it starts falling off. Others are just sitting on empty properties hoping for a miracle or out of pride. They'd rather pay 5k a month in HOA fees and sit on the property for a year or year and a half then take 50k off the selling price. It's the same mentality that gets locals to quit a reliable good paying job just because they get that 13th month bonus and don't need to work a month. We'll have to see a major downturn in the world economy before they relax.
Thank you very much Rod for all these well documented informations. What is your take about the reasons why the number of tourists before pandemic (19 M) is only back to 4 M (sept. 2023)? It will probably be recorded at more than 4 M at the end of 2024? About overbuilding, i have the feeling for some years that it may happen someday (or may be has started already). The consequences could be terrible (bursting bubble). It happened in some touristic areas in Spain some years ago, and in some places in Florida (as much as i know). Thanks again! See you🙋♂
Thanks Shineamen. Many factors depending on the region. There is a delayed effect on the economy and real estate often unless panic sets in and then one might see a big change. Developers in Manila metro have 70,000 units not taken up, about 5 years worth, so they have delayed new projects is what I have read.
Liquidity and occupancy rates in buildings that are selling units for 15-25 million pesos….major concern in BGC. Look at the lights at night. No one is in these condos. It’s artificial. I would consider a condo under 5-8 million, maybe….after several trips to the Philippines…my patience for the lifestyle and inefficiency has been tested. I advise others to tread carefully.
nice video of Cebu. I'm coming to Cebu in November, but only for a week, then off to Iloilo City to start my long-life adventure. I was wondering if when the landlord wants 1 month advance, and 2 months deposit, can you negotiate that to just 1 and 1. when paying electric, do you pay the landlord, pay the condo office, or go to the electric company and pay. being 74, I'll do a lot of walking, "no" driving. I'll use local transportation. I want to live there in the Philippines, so finding the right condo or home is very important to me. can I find month to month rentals there until I find the location I'm comfortable in.
I like Iloilo City so good choice James. Electric and utility payments will vary by building. I rent and utilities in 2 different bank accounts. There are many payment hubs including 7-11, money transfer companies that are almost every corner, malls, banks, etc. Easy enough. Use booking.com or airbnb for month to month rentals.
No way, prices cant keep going up. Those that belong to the richest families bracket only consist of .6% ot the population which are earning 182,000 / month & above, while the balance of 99.4% are earning less than this threshold. Buying a property now in a middle class community is at least 20M & above. So how is this possible. Home prices around the world are now on the way down since salary has not caught up with the present prices.
Cerebral alert! In an inelastic market, the lack of liquidity just means sellers may prefer to wait until liquidity arrives before prices will drop. So there is little reason to expect property prices to drop during a draught of liquidity. This is true everywhere on the planet. And this is because when banking is available then prices do not depend on incomes. But prices do drop a little when there is an abundance of supply. So when lacking an abundance, there is no reason to expect real estate prices to fall during a draught in liquidity. So the real estate market is going to be unresponsive to a slowing economy unless there is an abundance of supply. I dare say as long as there is a consistent growth of bank loans, there will be liquidity to facilitate rising prices provided. There is a consistent growth of bank loans in the Philippines and units are not in an abundance to be sold, so under those conditions where you live then you should not expect a significant drop in real estate prices as the economy slows.
Pre selling propertys price in inflation so a project due to complete in four years would be 40% higher than one that completes today. So what if prices stagnate for four years, you are in negative equity of 40%.
I had a bad Experience With Shady Landlord in Makati .. She didn’t release my deposit of $750. The lawyers advised the law in the Philippines is different from America. Buying Condos in the Philippines is a Problem too because of unscropolous Developers.
Have a guy at work says his family (Filipino) owns a condo in 'Apple One'. Are those condos any good? Hopefully will be there in 2026 and looking to rent a condo when we get there on my 13A visa. Hoping that prices will be down by then or stay down where they are at. Nice video, Rod...Jim
There are 2 Apple One in Cebu City. Apple One near Ayala Mall, CBP is 1 building. Apple One in Banawa, Cebu City with several buildings Jim. I have done videos of both. The Banawa units have a pretty skinny road going up into the area so not sure how available taxis would be, but Grab and Maxim are options.
How big a problem is the POGO? I don't have a clear idea: were those offices 1% of metro Manila office space? Were the workers occupying 1% of the rental units? 1% might sound like a lot but I imagine the population of Manila is rising 3 or 4% per year so...
The figures I saw for metro Manila POGO was 16% which is huge and those thousands of mostly Chinese employees take up a lot of residential space as well.
@@AmazingPhilippines1 ok, thanks. Tbh I am a bit skeptical of those numbers. 16% of the Manila economy is a stretch, even though gambling is super profitable, so 16% of the commercial real estate by space must be an error. I even doubt the Chinese nationals have more than 16% of the condos in Manila and not all Chinese nationals in the Philippines are POGO criminals. If the 16% number were accurate, 1 in 6 people in Manila would be either Chinese or some kind of slave working for the Chinese. I hardly ever meet such people in Manila. I doubt there is much going on that the barangay and the police etc don't know about. Even the electric power company has an idea what kind of business is being run inside a building, based on building codes and power usage etc.
Rod, you said an article said there are about 4 million foreign tourists today, September 2019. And pre pandemic that number may be about 19 million tourists. That is about a 75% reduction. I have been here a decade. I do not think this number is right. It would be good to have some better numbers to look at that may proxy tourists activity. Please look around.
I have done an online search and these numbers are correct with the goal of 7.7 million foreign tourists this year, so well below 2019 and years past. Here is just one of several articles: business.inquirer.net/480188/on-the-path-to-7-7m-strategies-to-boost-ph-inbound-tourism
@@AmazingPhilippines1 Rod, thanks for the article that suggests 10.3% yoy growth. I did not see the 19 million tourist from before pandemic. I think there was a miscommunications made. Notice, there was no year to year history in the article.
I think the number are correct. THey also include expats. So many expats are not actually touring around so you don't see them, but when they left, they of course aren't noticed. but indeed many left. And why go pack just to pay the stupid SRRV? The SRRV would not allow you go to back to the Philippines during the pandemic even if you owned a condo. Stupid. Flat stupid.
Philippines has always overestimated their share of the market in tourism. It doesn't help that they keep having these "popularity" contests online that they vote in to claim that they are a "Top Destination" for tourism around the world. They get very surprised to learn that they have the lowest numbers of international arrivals of similar countries in Southeast Asia. If you're lowest in your region, how could you possibly believe your top of the world?
In 15-20 Years Cebu will be a Concrete Jungle like Hong Kon and Singapore a densely populated city. Cebu City Business Districts (city population 1,100,000+) IT Cebu, Business park, South Road Properties Mandaue City Business Districts (city population 400,000+ the same population as Iloilo City 🤣) Gatewalk Central, Oakride, Mandani Bay Lapu-Lapu City Business Districts ( city population 600,000+) Mactan Searove, Mactan Newton Total Metro Cebu Population (Greater Cebu) 3Million+ totaling Cebu Province at 5million by 2050 Metro Cebus population will reach 5 Million and the province at 10 million making it one of the most densely populated island in the World. It will be equivalent to 1/3 of Thailands population a rapidly aging and declining country which will halve its population from 70 million to 33 million by 2050, Mindanao Islands population of 28 Million will reach 40 Million by 2050 which will be more than Thailands population of 33 million by 2050
My wife wanted to buy a reasonably priced reasonably placed home that we don't have an existing use for. I asked her what she would do with it? She mentioned rent it. I told her that you could rent it for 30 years and still lose money. The math said she would make more money if she put in CDs in the bank.
It really affected real estate in the areas they concentrated in. The large property management companies state office space rent prices have dropped 50% in some areas as POGO leave.
I have been using a figure for years of 19 million for the Philippines and 40 million for Thailand. That may include all visitors including Filipinos. I have been trying to find those data again.
Since my Filipina wife and I have purchased several properties in Manila and south central Mindanao for over 32 years, the value has significantly increased per Sqm over the years, and I believe it will continue to do so. In the past 6 years the ongoing infrastructure build, build, build is the most I have seen in all my years coming here. Bottom line in life is one has to make sound financial decisions that are best for them in the long run. I was blessed to had enough funds to ride out the 2008 Market Crash and make substantial gains to retirement before age 57. Many of the Expats Vloggers in the Philippines 🇵🇭 experienced financial issues in their lives, so they continue to give advice not to purchase properties.
Sounds like you made good choices over the years Paul. I found most of the info on prices dropping from the top property companies in the Philippines and in articles from a number of sources. Different areas where POGO concentrated are affected the most but there is a move to value lower cost for many companies and this will affect residential as well. More in depth info on my membership site.
@@AmazingPhilippines1 Agreed. Great video with reliable resources. I “was told” DMCI Developer does NOT allow POGOs on their property (but after all, this is the Philippines). Directly 5 minutes south of me a crossed the Pasig River BGC average purchase price for a 2 Bedroom, 54 sqm Condo is ₱20;000,000, 5 minutes to the North of me in Capitol Commons it is ₱18,000,000. I purchased mine for ₱6,000,000 All-in in June when the ₱ was at an all-time high of almost ₱59 to the $ USD. A Parking 🅿️ Spot is ₱1,700,000.
Is a condo apartment real estate? What if you find a really big house and BUY the extra kitchen, CR, and a bedroom? Is that real estate? Huh , is it , huh ?
🟢 I sold my Cebu condo in 2023 and doubled my cash 💰 in 5 years ✅ the agent who helped in the sale process is trying to sell me a new condo in the IT Park area 🤪 with Chinese 🇨🇳 property markets dropping 50% since 2020 🫣 the Philippines 🇵🇭 cash condo buyers have disappeared 🧐 who wants to buy overpriced condos when the world 🌎 financial situation doesn’t look positive for the next few years 🟡
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NO...... RE around the world is overpriced. Market correction overdue
I have been hearing that for over 40 years
Then how come you don't remember the market correction in 1998 when the Asian financial crisis happened
@@StefanRicardo-lc1fm you are right, that was a downturn in property, but looks what happened since. If you look at a chart of property price growth over the last 100 years, it’s onward and upward with a few blips. I’m sure the next 100 will be the same.
Planning for 100 years in the future while neglecting the next 15 seems a bad business choice @@Southeastasiantraveler
Assets aren’t over priced. We are witnessing a collapse of fiat currency. This will continue to accelerate
Until I have more legal rights as a foreigner here to protect my money I will not invest or make large purchases. Too much risk.
That won’t happen unfortunately
Things can happen fast and a degree of risk investing offshore tman.
Good video, I can relate to you walking away from a property for whatever reason, be it owner or agent issues. Property is a people business and if you feel uncomfortable with those on the other side of the table, walk away while you can.
I have been fortunate in the last 9 years.
@@AmazingPhilippines1
Hi Rod. I was wondering if I can renew a US passport in the Philippines while on a tourist visa? Thanks for keeping us always updated with news in the Philippines.👍👍
The price of land in the Philippines is artificially priced higher than land in most comparable countries. Land price is not set by demand vs. available vacant land. The common Philippine worker cannot afford to buy land here. That is why thy end up on a tiny piece of land without an area for their kids to play. Ever noticed the kids in the street playing? Millions of hectares are sitting unused and unplanted while the country continues to import more and more food. Not a bright future ahead for the people.
I have been approached a number times traveling the islands about land for sale and I have undoubtedly been quoted the "kano" price Lee. I was not interested in the land but in the process and attempt to sell it.
And the reason why so many here are squatters.
Those crazy draconian lockdowns put me off, even now so much mask wearing why ? … not conducive to a happy retirement.
Excellent information. Thank you so much for doing these videos. Take care.
Glad you like them!
Wait till Ai gets a foothold in the call centre industry ,you will seee condo prices tank then.
I am afraid you are correct govoner.
i doubt it. The vacancies will rise, but the prices will not drop. As soon as you inquire, a Filipino will raise the price.
Thanks you bro for being supportive about the Philippines in terms of its economy. I’m a Fil Am from California but planing to retire back home in N. Mindanao Godwilling!
I live in BGC and renting a 2 bd 2ba unit. Approximately 100sqm and there are 4 units next to mine that have stayed vacant since I moved in 4 months ago. I asked an agent and they said the corner unit owner is trying to sell it for 25M Php which is a little smaller than my unit. The owner is delusional to think about trying to get 25M Php (apprx $450k USD). Most likely at best it is worth only half their asking price. My recommendation is to Rent vs Buying a Condo in the Metro Manila area until the bubble pops. imho.
Thanks for sharing that info. The days are rapid increases and flipping are over for now.
What building and how much does your unit rent for?
Just a thought, Cebu is overbuilt when you look at the infrastructure. Usually the best infrastructure is already built. But this thought may be of little use except one should look where the infrastructure is best if that is what is desired.
Good points.
Thanks you bro for being supportive about the Philippines in terms of its economy. I’m a Fil Am from California but planing to retire back home in N. Mindanao Godwilling! Just hit subscribe button!
Cool! Thanks!
My experience in Phil you can tell a lot about the landlord by how the property is presented on viewing. If the landlord cares about the property or their potential customers it will be in good condition pre-sales. You will find loads of poorly maintained or just properties with obvious faults presented for sale "but we will fix before you move in Sir". Caveat emptor! If they don't care now why should they after you start paying rent/deposit?
I have had several experiences just like that David, poor condition at showing....but we will replace or repair it sir.
They will use advance and rent deposit for repairs, before you move in. That’s why, I have a lists and talk to the administrator of the building, condo, if they are scam or not and write their names.
Also, if the unit is dirty walk away, there’s a lot there and I’m not signing for one year, because if you are not happy, you’re stuck on the unit. The best is 6 months, Airbnb is expensive and hustle too.
I'll agree that the world RE market is a bit overpriced currently. But it's going to be different in each country what will bring a market correction. For the US, it might be this next election. I'm not sure about the Philippines, but getting rid of the POGO's might do it, or at least be a good start.
True John. The POGO exit is already having a major impact in many Manila metro areas.
I have dozens of retired friends in Thailand, none of them are doing anything in response to Thailand tax changes. It doesn’t affect them.
You would need to be mad to pay current condo purchase prices. Ortigas, for example, 1 bed condo around £145k and 2 bed starting at £200k prices are getting similar to some Western cities.
yes mr. rogers its a wonderful day in the neighborhood. can you say pogo boys and girls...lol
LOL! A bit warm today and I finally turned my AC on mid-day Tobias.
@@AmazingPhilippines1 just got back to chicago after 1 year in i t park. its crazy expensive here now. heading back in a few weeks. see ya then
Cebu is really fast growing metropolitan city...too much big investments in Cebu now
It's cheaper in the USA than the PH as far as price per SQM/SQF for 10x worse quality.
Friends say their condo rentals have dropped off.
Higher, lower, more vacancies?
Real estate market in PH is one massive bubble, both in major cities and the province. This is reflected by the Zonal value increases over the last 10 years. The only people who can afford are top 5% Filipina's or foreigners, therefore not sustainable.
Finally a comment that makes sense
Thanks for the info Rod.
No problem 👍Eric.
Alcoves is a nice condo you gotta do an update on that high rise.
Yes, I should get back over there.
@@AmazingPhilippines1 thanks Rod
Retired last Month. Less than a month to Cebu City. My current rent is $1095 [2bed/2bath]. My Rent, if I stayed would increase to $1140 in April. Comparable Rents in IT Park/Business Park Cebu City are in the $800 to $900 range... Watching the FB Groups, I've seen those tending down SLIGHTLY. Though I will probably get a Studio/Small 1Bed at around $500 to $600 for Six Months.
Too much, better off staying at an airbnb or hotel when you arrive and find something for less money and more value.
Good plan Ted. Start cheaper and see how it goes.
I know of a 2 bdr on the 15th floor in Lapu Lapu for 15k a month.
@@georgeorwell3573 and still no takers! Condos are over hype investments.
@@georgeorwell3573A 2 bedroom means nothing in the PI. What is the square meter? Square meters is everything. What kind of furnishings? Amenities?
the crazy thing is, they have not lowered the prices. And even if it says rush or negotiable, as soon as you show interest, they raise the price.
True in many cases. There is often a delay in reality kicking in.
Thanks for sharing 👍🏾!
Thanks for watching!
PI real estate is so over priced for what you actually get. Prices would have to really drop a lot to make it worth it to purchase. For the average expat, much better off renting to have the freedom to move around.
A "large" 1 bedroom in City Lights development, just sold in a week. Extraordinary deal. 69 square meters with parking for only 6 million. Prices are definitely going down...
That does sound like a good deal Hurley.
I think people are realizing that starting at 4 million for a small 300 to 400 sq foot studio is expensive for the Philippines. I have also seen houses being sold that have been listed on marketplace for quite awhile, that are finally coming down in prices. Some foreigners are building these super expensive western style homes and the group of people that can afford 15 million plus are very few. Those will take time to sell.
I see some huge drops in Thailand in the rental market that I haven't explained yet... maybe there is an off season.. $1000 drops in the asking price down to 400 a month according to the app.. I figure if your relationships are going better that means that there is a turn in the market.
not a chance. not anytime soon. The mentality in SEA is that you sit on real estate until you get the price you want. It's the only investment vehicle that isn't high-risk. they'd have to get pretty desperate to sell and we're not there yet. I've heard stories lately of locals wanting to raise rent prices at lease renewals. Trying to lock in foreigners at a higher rate before it starts falling off. Others are just sitting on empty properties hoping for a miracle or out of pride. They'd rather pay 5k a month in HOA fees and sit on the property for a year or year and a half then take 50k off the selling price. It's the same mentality that gets locals to quit a reliable good paying job just because they get that 13th month bonus and don't need to work a month. We'll have to see a major downturn in the world economy before they relax.
Interesting points Mark. That is true of many properties and owners but there are some who are motivated to sell at a fair price.
Thank you very much Rod for all these well documented informations. What is your take about the reasons
why the number of tourists before pandemic (19 M) is only back to 4 M (sept. 2023)?
It will probably be recorded at more than 4 M at the end of 2024?
About overbuilding, i have the feeling for some years that it may happen someday (or may be has started already).
The consequences could be terrible (bursting bubble). It happened in some touristic areas in Spain some years ago,
and in some places in Florida (as much as i know). Thanks again! See you🙋♂
Thanks Shineamen. Many factors depending on the region. There is a delayed effect on the economy and real estate often unless panic sets in and then one might see a big change. Developers in Manila metro have 70,000 units not taken up, about 5 years worth, so they have delayed new projects is what I have read.
@@AmazingPhilippines1 Thank you Rod! Take best care!
Liquidity and occupancy rates in buildings that are selling units for 15-25 million pesos….major concern in BGC. Look at the lights at night. No one is in these condos. It’s artificial. I would consider a condo under 5-8 million, maybe….after several trips to the Philippines…my patience for the lifestyle and inefficiency has been tested. I advise others to tread carefully.
nice video of Cebu. I'm coming to Cebu in November, but only for a week, then off to Iloilo City to start my long-life adventure. I was wondering if when the landlord wants 1 month advance, and 2 months deposit, can you negotiate that to just 1 and 1. when paying electric, do you pay the landlord, pay the condo office, or go to the electric company and pay. being 74, I'll do a lot of walking, "no" driving. I'll use local transportation. I want to live there in the Philippines, so finding the right condo or home is very important to me. can I find month to month rentals there until I find the location I'm comfortable in.
I like Iloilo City so good choice James.
Electric and utility payments will vary by building. I rent and utilities in 2 different bank accounts. There are many payment hubs including 7-11, money transfer companies that are almost every corner, malls, banks, etc. Easy enough. Use booking.com or airbnb for month to month rentals.
So the tourism is down, and they chooses to make it harder and more expensive with long term visa?
No way, prices cant keep going up. Those that belong to the richest families bracket only consist of .6% ot the population which are earning 182,000 / month & above, while the balance of 99.4% are earning less than this threshold. Buying a property now in a middle class community is at least 20M & above. So how is this possible. Home prices around the world are now on the way down since salary has not caught up with the present prices.
It varies a lot with area of course Will.
Cerebral alert!
In an inelastic market, the lack of liquidity just means sellers may prefer to wait until liquidity arrives before prices will drop.
So there is little reason to expect property prices to drop during a draught of liquidity. This is true everywhere on the planet. And this is because when banking is available then prices do not depend on incomes. But prices do drop a little when there is an abundance of supply. So when lacking an abundance, there is no reason to expect real estate prices to fall during a draught in liquidity.
So the real estate market is going to be unresponsive to a slowing economy unless there is an abundance of supply.
I dare say as long as there is a consistent growth of bank loans, there will be liquidity to facilitate rising prices provided. There is a consistent growth of bank loans in the Philippines and units are not in an abundance to be sold, so under those conditions where you live then you should not expect a significant drop in real estate prices as the economy slows.
Keep your city,,ill live out in the weeds any day of the week.. 😊
Just checking real estate prices. Metro Manila is still very expensive. Cavite, Antipolo, and Bulacan are more bearable.
Pre selling propertys price in inflation so a project due to complete in four years would be 40% higher than one that completes today. So what if prices stagnate for four years, you are in negative equity of 40%.
I had a bad Experience With Shady Landlord in Makati .. She didn’t release my deposit of $750. The lawyers advised the law in the Philippines is different from America. Buying Condos in the Philippines is a Problem too because of unscropolous Developers.
Sorry for your bad experience Martin.
Global crash Wait 2 or 3 years to buy.
The lady that you do business with can you recommend her services to new or possibly clients for rentals??
She has 2 studios that she keeps filled with students and the 1 bedroom that I rent for 3 years so nothing available.
Have a guy at work says his family (Filipino) owns a condo in 'Apple One'. Are those condos any good? Hopefully will be there in 2026 and looking to rent a condo when we get there on my 13A visa. Hoping that prices will be down by then or stay down where they are at.
Nice video, Rod...Jim
There are 2 Apple One in Cebu City. Apple One near Ayala Mall, CBP is 1 building. Apple One in Banawa, Cebu City with several buildings Jim. I have done videos of both. The Banawa units have a pretty skinny road going up into the area so not sure how available taxis would be, but Grab and Maxim are options.
@@AmazingPhilippines1 Ya its definitely Banawa he said it was in Mandaue
How big a problem is the POGO? I don't have a clear idea: were those offices 1% of metro Manila office space? Were the workers occupying 1% of the rental units?
1% might sound like a lot but I imagine the population of Manila is rising 3 or 4% per year so...
The figures I saw for metro Manila POGO was 16% which is huge and those thousands of mostly Chinese employees take up a lot of residential space as well.
@@AmazingPhilippines1 ok, thanks. Tbh I am a bit skeptical of those numbers.
16% of the Manila economy is a stretch, even though gambling is super profitable, so 16% of the commercial real estate by space must be an error. I even doubt the Chinese nationals have more than 16% of the condos in Manila and not all Chinese nationals in the Philippines are POGO criminals.
If the 16% number were accurate, 1 in 6 people in Manila would be either Chinese or some kind of slave working for the Chinese. I hardly ever meet such people in Manila. I doubt there is much going on that the barangay and the police etc don't know about. Even the electric power company has an idea what kind of business is being run inside a building, based on building codes and power usage etc.
Rod, you said an article said there are about 4 million foreign tourists today, September 2019. And pre pandemic that number may be about 19 million tourists.
That is about a 75% reduction. I have been here a decade. I do not think this number is right. It would be good to have some better numbers to look at that may proxy tourists activity. Please look around.
I have done an online search and these numbers are correct with the goal of 7.7 million foreign tourists this year, so well below 2019 and years past. Here is just one of several articles: business.inquirer.net/480188/on-the-path-to-7-7m-strategies-to-boost-ph-inbound-tourism
@@AmazingPhilippines1 Rod, thanks for the article that suggests 10.3% yoy growth. I did not see the 19 million tourist from before pandemic. I think there was a miscommunications made. Notice, there was no year to year history in the article.
I think the number are correct. THey also include expats. So many expats are not actually touring around so you don't see them, but when they left, they of course aren't noticed. but indeed many left. And why go pack just to pay the stupid SRRV? The SRRV would not allow you go to back to the Philippines during the pandemic even if you owned a condo. Stupid. Flat stupid.
Philippines has always overestimated their share of the market in tourism. It doesn't help that they keep having these "popularity" contests online that they vote in to claim that they are a "Top Destination" for tourism around the world.
They get very surprised to learn that they have the lowest numbers of international arrivals of similar countries in Southeast Asia.
If you're lowest in your region, how could you possibly believe your top of the world?
In 15-20 Years Cebu will be a Concrete Jungle like Hong Kon and Singapore a densely populated city.
Cebu City Business Districts (city population 1,100,000+)
IT Cebu, Business park, South Road Properties
Mandaue City Business Districts (city population 400,000+ the same population as Iloilo City 🤣)
Gatewalk Central, Oakride, Mandani Bay
Lapu-Lapu City Business Districts ( city population 600,000+)
Mactan Searove, Mactan Newton
Total Metro Cebu Population (Greater Cebu) 3Million+ totaling Cebu Province at 5million
by 2050 Metro Cebus population will reach 5 Million and the province at 10 million making it one of the most densely populated island in the World. It will be equivalent to 1/3 of Thailands population a rapidly aging and declining country which will halve its population from 70 million to 33 million by 2050, Mindanao Islands population of 28 Million will reach 40 Million by 2050 which will be more than Thailands population of 33 million by 2050
Good info fashionfgurl.
What happen that foreigner could not own property in the Philippines
You can own a condo, you cannot own the land.
Real estate seems to rent for less than sells for????
It usually does in less than 1st world countries.
I think average ROI is 5-6% only on rentals in many areas Jim. So an interest rate of 5% or more is losing money.
My wife wanted to buy a reasonably priced reasonably placed home that we don't have an existing use for. I asked her what she would do with it? She mentioned rent it. I told her that you could rent it for 30 years and still lose money. The math said she would make more money if she put in CDs in the bank.
Bye Bye Pogo. Good !
lol…nako to think pogo was important to real estate to a country is ridiculous…peace is priceless
It really affected real estate in the areas they concentrated in. The large property management companies state office space rent prices have dropped 50% in some areas as POGO leave.
Actually the Philippines set a record for tourists in 2019 at 8 million not 19 million.
And most are Chinese but with the current financial crisis in China, arrivals are way down.
@@willbill12345most from South Korea, not China
I have been using a figure for years of 19 million for the Philippines and 40 million for Thailand. That may include all visitors including Filipinos. I have been trying to find those data again.
It was the first time they hit 8 million in 2019. Yes Thailand had 40 million in 2019..
@@AmazingPhilippines1 well you have been wrong for years.
Since my Filipina wife and I have purchased several properties in Manila and south central Mindanao for over 32 years, the value has significantly increased per Sqm over the years, and I believe it will continue to do so.
In the past 6 years the ongoing infrastructure build, build, build is the most I have seen in all my years coming here.
Bottom line in life is one has to make sound financial decisions that are best for them in the long run. I was blessed to had enough funds to ride out the 2008 Market Crash and make substantial gains to retirement before age 57.
Many of the Expats Vloggers in the Philippines 🇵🇭 experienced financial issues in their lives, so they continue to give advice not to purchase properties.
Sounds like you made good choices over the years Paul. I found most of the info on prices dropping from the top property companies in the Philippines and in articles from a number of sources. Different areas where POGO concentrated are affected the most but there is a move to value lower cost for many companies and this will affect residential as well. More in depth info on my membership site.
@@AmazingPhilippines1 Agreed. Great video with reliable resources. I “was told” DMCI Developer does NOT allow POGOs on their property (but after all, this is the Philippines). Directly 5 minutes south of me a crossed the Pasig River BGC average purchase price for a 2 Bedroom, 54 sqm Condo is ₱20;000,000, 5 minutes to the North of me in Capitol Commons it is ₱18,000,000. I purchased mine for ₱6,000,000 All-in in June when the ₱ was at an all-time high of almost ₱59 to the $ USD. A Parking 🅿️ Spot is ₱1,700,000.
Is a condo apartment real estate?
What if you find a really big house and BUY the extra kitchen, CR, and a bedroom? Is that real estate?
Huh , is it , huh ?
Pogo now illegal
🟢 I sold my Cebu condo in 2023 and doubled my cash 💰 in 5 years ✅ the agent who helped in the sale process is trying to sell me a new condo in the IT Park area 🤪 with Chinese 🇨🇳 property markets dropping 50% since 2020 🫣 the Philippines 🇵🇭 cash condo buyers have disappeared 🧐 who wants to buy overpriced condos when the world 🌎 financial situation doesn’t look positive for the next few years 🟡
Timing is everything when investing.
Not to mention the coming war with China in the South China sea, when China invades Taiwan. Where is the video you promised on this issue, Rodney?
@@AmazingPhilippines1 Doesnt matter since all are way overpriced for locals to purchase.
Should try mandani bay
No! Don’t buy real estate anywhere until the prices will drop.
The Philippines don’t offer favorable terms to foreigners when it comes to real estate and business. Find better countries.