House Prices

[loftyone]

I agree. The property boom has peaked in the Phils. I've been following prices in Cebu City where I believe the properties have become overpriced and the "ceboom" is over. My prediction for 2009 is there will be less tourists around and lots of overseas filipino workers returning home as the reality of the global economic crisis starts to bite. I wouldn't want to put anyone off buying their dream retirement property but be aware that you are probably buying at the peak of the market.

[pecoskid45]

Originally Posted by garbonzo

Had an interesting conversation with a Bacolod uncle a few days ago. This guy is a local zillionaire with companies and interests all over the Visayas. Very wealthy and has his ear to the ground. He tells me that many of the local businessmen are borrowing against their properties to cover their cash flow as things have cooled and business has slowed. He thinks a lot of very nice houses will come on the market next year. Cheap....and he'll be looking himself. Perhaps some bargains in Dumaguete too?

You gotta admit that it's a wild and crazy world out there. Earlier someone was predicting oil at $200 a barrel by now, today they're saying it may be $25 a barrel. The housing crash has hit the whole world and it will eventually have more effect here. Despite what the President says the RP is in for harder times as the OFW money drys up and that ripples down. There will always be bargins as people have to sell, but for the most part I think prices will hold and owners will just have to sit on their properties. It may be 2-5 years before people start to buy again.

[Stefan]

I would not be supriced if also the philippines real estate market would come down in the near future. All over the world it is hard for common people to get loans due to the bank crisis that spread from the US. More and more people loosing their jobs.. making the future risky for many households. That would make many people to think twice before getting a house loan. So my guessings are that both rental price and house prices will get down with in the next 6 months or so.. perhaps even longer as the crisis go on.

[garbonzo]

Originally Posted by john boy

Gorbana... Jen and Bill
Interesting story...We all love the Philippines its people, the climate, the food etc.
But the topic was house prices around Dumaguete.
Prior to my recent visit I was keeping an eye to the average price but was shocked at just how much housing had increased.
I repeat myself again, Don't kill the goose that lays the golden eggs.
Get greedy and people won't buy.

Hi john boy. Bit of a quick update. I hear it is becoming even more of a buyers market. That's in Bacolod where my information originates, but I think I can safely assume it is countrywide based on what I'm hearing. My educated guess is that six months from now you will get some very very good deals.

[atlargex]

Originally Posted by garbonzo

Hi john boy. Bit of a quick update. I hear it is becoming even more of a buyers market. That's in Bacolod where my information originates, but I think I can safely assume it is countrywide based on what I'm hearing. My educated guess is that six months from now you will get some very very good deals.

Until RE market in the US is undeniably on path to recovery, I would speculate (conservatively) that RE market in PR will continue to tank at least until mid to late 2010....I don't think we're anywhere near the bottom in PR yet.

[Teacher]

atlargex do you think the world economy well suffer a lost decade like Japan ?

[john boy]

Originally Posted by Teacher

atlargex do you think the world economy well suffer a lost decade like Japan ?

Hey Guy's I hope we don't experience a lost decade or my retirement will suffer and I might need a zimmer frame by then!!!!!

[Pedro]

I am not sure about the world economy but I am seeing a slow gradual improvement in the US stock market. If it keeps up that will be great. It takes the stock market getting back on track and most everything else will follow. Right now with tensions in the Middle East again gas is starting to rise again and with banks still not lending to anyone I am betting there will be no RE recovery here for several more years.

[atlargex]

Originally Posted by Teacher

atlargex do you think the world economy well suffer a lost decade like Japan ?

I speculate that the world economy will be back on it's feet in a couple of years following US recovery sans any major world crisis like war, gargantuan acts of terrorism, diseases, or significant tax hikes by Obama. We can see that US stock market is already anticipating an economic recovery by the end of this year, but I'm going to give it two years.....ten would be a bit of stretch, but hey, anything is possible.

[Teacher]

Atlargex thanks, I alway value your opinions.