HOME PRICES FALL & CONDO OVERSUPPLY IN THE PHILIPPINES! PRICES & RENTS?

[@AmazingPhilippines1]

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[@FreddyKurganNimmo]

Do you think that 2030 would be a good goal year to buy, given current fiscal trends & projections? I'm looking to permanently relocate to Cebu City in 2030.

[@CarlosAlberto-ii1li]

HOW WOULD WE KNOW IF IT IS A GOOD TIME EBEGGER?

[@kuyadenzboholvlog]

Prices falling. Great now I can afford a 4-sq.m closet

[@AmazingPhilippines1]

LOL! Make a low offer and you might find a motivated seller.

[@snow-uq4gx]

@@kuyadenzboholvlog 🤣🤣🤣

[@mikestraveldiary]

With renting, you have more flexibility. With owning a condo, you got the high cost of taking care of it. Forget buying a condo all together.

[@davidhaylett1810]

@@mikestraveldiary Yes the Condos are specifically designed to rip off foreigners as the only thing they can buy

[@oceanbreeze369]

I warned they were over building and over pricing several years ago. I wouldn't take a condo if they paid me to take one. They all start to get run down, no maintenance is kept up and everything leaks. Better to rent so you can move whenever you want and to have a house on level ground. Why would anyone move to the Philippines to go live in a big city in a high rise condo? Beats me but each to their own I guess. Never ever accept any asking price. It's totally over priced by x times whatever they are asking.

[@AmazingPhilippines1]

With such rapid price increases over many years one can argue that they are overpriced at this point.

[@jimf937]

Completely agree

[@bepitan]

heart attack in the province tends to focus the mind ..

[@Parabola007]

@oceanbreeze369 they are mostly run down, untreated concrete dumps. Full of ofw decendents that have no value of money. Just been handed it for all these years. Or corrupt landlords preying on foreigners thinking we are fools.

[@bmactattoo1219]

Condo living in Makati or BGC is great. Everything is in walking distance or delivered very quickly. On a super high floor it's very quiet and have an amazing view. A lot of entertainment options, restaurants and malls nearby. Security in most condos is great too. I've lived in small city in PH in apartments and a house on level ground. Noisy dogs, roosters, karaoke. And a view of the noisy animals/neighbors.

[@roberttorrance731]

Cebu is overpriced. Not just overpriced…..way over priced. My understanding is that a lot of the big scale developments just aren’t selling.

[@AmazingPhilippines1]

I think you are correct Robert. Some are offering discounts or extended payment terms.

[@stonehands0249]

​@@AmazingPhilippines1 I found the same in Mactan, specifically in the Newtown area. Beautiful, peaceful area I like coming back to each year (from Florida) mainly for diving trips, but now no longer looking at buying. I'll keep renting. Good info on this video!

[@jscully.ny8623]

always great content real estate crash in Vietnam and China had to spill over to the Phils too

[@Geoduck.]

Condo prices in Cebu City are often on par with the Seattle area. Very expensive. Who in their right mind would buy an overpriced condo in a third world country. I say third world not being nasty or hateful simply fact.

[@kevink1214]

It is a fact, yet people always compare the price in the Philippines to where they used to live. But you are comparing apples to oranges.

[@Geoduck.]

Very true Kevin.

[@sb17146]

I recently rented a unit in Taguig and was surprised how low the rent and occupancy was. From 13k a month I got the unit for 10k. Digging a bit deeper it seems the mass "deportation" of pogo residents is the reason why things are currently the way they are. They used to dominate the entire complex as well as the surrounding condos. Nobody is realistically scouting the area as it is pretty hard to get to, and there are units that have been unoccupied for more than a year. Owners are getting desperate and are renting out units just to break even. Been also scouting properties in Nuvali, sta. Rosa and it seems there are tons of distressed sellers as well. A friend of mine got his 180sqm for 3.6m, with an initial offer of 5.5m. Been receiving offers for substantial mark downs, properties being sold for 13-14m are now being offered at around 10-11m.

[@willbill12345]

You must be referring to DMCI Acacia Estate in Taguig. While the latter is Ayala Nuvali where you can still find sellers dreaming of astronomical prices. 3.6m for 180sqm is 20,000/sqm while dreamers are asking 35,000/sqm.

[@Gregory-Masovutch]

Smart move if you get a good deal in Nuvali. They have SM Yolo going on however with CALAX going into CAVITEX they're might be good opportunities towards Cavite. SLEX won't be the only option to Manila anymore which could impact Nuvali's bubble "Makati in the south" obsession.

[@sb17146]

@@willbill12345 It's actually Arca South. And yes, though the prices in Nuvali seem exorbitant... My roots are in Laguna and I see the area as a good investment seeing the big schools building more and more around the area. Xavier, Miriam and now LaSalle Laguna is establishing its university, said to be transitioning as their main campus, ala NU Laguna.

[@jamesmalcolm4288]

Land is getting to 35k+ per square meter (outside manila) and condos 100k+ per square meter. The average salary is 18K per month. Who are they building for? definitely not the average filipino. The argument against allowing foreigners, even permanent residents the right to own land is the fear of prices getting out of hand so that filipinos cannot afford. Well congratulations you managed to do it all by yourselves.

[@1776dougie]

It's already this bad even without foreigners having the right to own land, it's gonna be way worse if they get that right. Maybe if cities in north america had the same restrictions you wouldn't have the chinese jacking up all the real estate prices to the moon. It's still gonna be bad though, the root problem is still gonna be these greedy ass corporations trying to squeeze everything they could out of you. Pay more get less out of it.

[@LordTaylor007]

When your outflow exceeds your income, your upkeep will be your downfall

[@garybaker-n1j]

absolutly

[@bepitan]

baby boomers everywhere all about to fully retire in the next few years ..need to study world demographics to see the big picture.. not just local scene.

[@jamesmalcolm4288]

@@bepitan So again, want retiring foreigners to keep the economy afloat but not give any of the benefits? Can you imagine if the US said 10 million resident filipinos cant own land in the US until they become a citizen? You would all go nuts about racism.

[@Truthhunter-w9w]

If you want to lose money buy a condo... Always RENT!

[@theghostofpennsylvania_11]

Finally someone said it and you are absolutely right.

[@rusted5408]

Filipinos wont negotiate. As soon as you show interest in tjeor lowered price cpndp, they raise the price.

[@AmazingPhilippines1]

There are some "motivated" Filipinos who will negotiate but I understand what you are saying.

[@theghostofpennsylvania_11]

Exactly and the cycle of empty condos goes on. Greed turns billionaires into broke people.

[@jsully4064]

Looking forward to visiting in 2026, hopefully prices will keep falling. Good video, Rod...Jim

[@AmazingPhilippines1]

It will be an interesting 2025 Jim. Happy New Year!

[@donndelfin1312]

it will continue to fall and its good it has been over inflated in the past its time that things go back to normal Prices.

[@edexter97]

hard to tell if immigration law is about that or pogo but there is plenty of space to speculate on that.

[@TomScott__]

Thank you for this video. I've been predicting this crash for 2 years. I'm specifically interested in Cebu City and Panglao, maybe Iloilo. I'll be looking forward to your next video about Cebu real-estate.

[@AmazingPhilippines1]

Thanks Tom.

[@easyislander]

I had a feeling this would occur a year ago. There are countless condos but not enough individuals ready to pay that price. Now, those who purchased them are unable to sell. I think many will have to sell at a loss just to get rid of them. SMDC, Ayala, and others brought in numerous foreigners to these condos, but they ultimately didn't utilize them. They might default on their loans, and banks will find themselves powerless since they are foreigners. This situation is bound to create chaos.

[@bepitan]

look at all those usa filipinos who want to retire back to their roots with dollars ...cebu condos will all be swallowed up by the tsunami of retirees about to happen in the next few years. USA is looking very expensive these days in comparison.

[@easyislander]

@@bepitan If they are going to retire in the Philippines they will not buy an overpriced condo. They will buy land for cheap and build themselves a dream home.

[@Rockiii9]

I spent spent a week looking at condos in Cebu way back in 2016 & decided it didn’t make sense to buy anything except bank repos. The problem with them, though, was that they often had structural problems with unpredictable repair costs. Since that time, the number of new developments has increased exponentially. This is logical, given Ph’s rapid economic growth, but growth in Cebu City has been largely on the higher end of the market, ie unaffordable for the average pinoy. This oversupply problem can only lead to price depreciation as unsold units pile up.

[@painter662]

They have been ripping foreigners off for years. I’m not 100% sure about BGC, but I can tell you that in Bacolod, Megaworld has two major developments. One is Condo, one is luxury houses. They are charging more for for no bedroom condos ( what ever you call them ) than large luxury houses. Filipinos can buy the houses, but foreigners are limited to Condos… that’s not going after overseas workers. But the over building is excessive there two I think 9 new complexes opened or are opening in the last 12 months. In a city of 500,000 people?? Really??? Who is Kidding who. It’s almost as bad as what’s going down in China right now.

[@gantenbeinable]

What happened in China is actually better. The city government bought up many condo buildings from almost bancrupt developers and is now renting them out to students and low income families for a bargain.

[@Gregory-Masovutch]

Yes I saw that a few weeks ago when we stayed in Bacolod. It's that Upper Eastside area with no amenities other than Landers and they're asking 12m with no money down. Stacking one building next to the other. No breathing room. I saw Rockwell under construction and lots are going at 50k pesos per square meter. A total waste. Bacolod is overrated with little to do. Maybe that's a big crash in the works. It's for OFWs, a few rich locals and foreignors. Pass.

[@Julian-ez3iq]

ummm the start. give it a couple of years and buy at real prices. buy now and lose

[@AmazingPhilippines1]

So many years of steep increases may take that long to "correct" Julian.

[@Kam_Abroad_FT]

They went down 2.9%...after quadrupling over the past 15 years. BIG DEAL

[@antoniomschjang1]

I always wonder why is that Thailand condos could be a whole lot cheaper and they look good at the same time but in the Philippines is over price. Has anyone realize that?

[@shortafewbolts]

What’s the old saying? Condos are a bad investment.

[@chiqsilog8336]

Ok, I'm going to open up for a bashing. Feel free. I bought off plan 2 years ago in bgc, but it's still 2 years to go until it is completed. The way i see it is if prices crash over the next 2 years by 40%, i can just not take over the condo and get back 1/2 my deposit. Then I'm free to come in on the secondary market with cash and maybe get the same condo now, 40% cheaper. If prices stay the same, then i just continue and take over the original condo. Win win. Does anyone see something I've missed ?

[@robertkubrick3738]

Good video Rod. Wife and I bought a few properties, one overpriced for sure but it ticked the boxes, one from a motivated seller that was probably 5% under it's value and one that needed a extensive remodel in an excellent location and when the remodel is finished it may be my last stop. I have made great deals on houses and acceptable deals where I paid a little more than I wanted. I don't want anyone to be a sucker but I would caution people don't wait for a place that checks all the boxes at a fantastic deal because you may be waiting the rest of your life. Take care Rod.

[@GerinPhils]

What location ? Im looking in Cebu but I still am not exited about the prices yet

[@AmazingPhilippines1]

Good points Robert. If you have the money and find what you are looking for, negotiate your best deal, and be happy with it.

[@hurleywilson7246]

Interesting enough, they just started moving forward with Tower 5 here at Marco Polo. If I remember correctly, only 23% sold.

[@AmazingPhilippines1]

Lots of competition but a nice location up on the hill Hurley.

[@Dan-qm7ho]

THe real market prices of housing in the Philippines is such a difficult issue to figure out.. I think that their prices typically are too high and the actual market value does not come clean.. Condos are typically hyped too much.. But actual houses single famliy residences are more realistic.. It is probably better to look a bit further outsice of the city center and seek out a house that has the space and utility that you want... where a condo that is tiny make cost $500.00 month but a house with more bedrooms and larger living areas rent for $100 or $150.00 a month... Forget the condo's

[@fipinochildrenplaying2801]

You can't rent houses here for that price

[@bepitan]

how much to build your own ...that's the benchmark.

[@humungushumungus213]

I pay $2k a month in Cebu City nice condo , month to month lease , I can leave any time, no security deposit , no utilities fees , 2 bedrooms best location , high security perimeter 😂I could get way cheaper but that’s the best available

[@bmactattoo1219]

A house for $100 to $150 a month???? That must be wayyyyyyyyyy out in the jungle. All the roosters, rats and cockroaches you cat eat!

[@bepitan]

@@bmactattoo1219 ..not to mention the free surround sound 24/7 karaoke.

[@chiefcarterphillipines]

When a 50 sqm condo in high demand areas of Manila and Cebu get to 75k usd, i'll start looking. But that could be a long wait.😊

[@robertkubrick3738]

The high demand areas will be immune.

[@chiefcarterphillipines]

@robertkubrick. Rents are dropping here in makati and bgc since I got here last December.

[@robertkubrick3738]

@@chiefcarterphillipines High demand to you isn't high demand to everyone. Like you said, they have been coming down for a year, that means they aren't part of the crash we are talking about.

[@jimf937]

​@chiefcarterphillipines what are those rents in a nutshell?

[@matrices3987]

They are barely worth 75k

[@raulmalate884]

if i'm a billionaire and aspires to become a millionaire, i would immediately buy 100 condos for 10 million pesos each from one of those big developers and reach it voila!

[@AmazingPhilippines1]

I just read about a real estate owner with 1000 units in Manila and rents have dropped 60% so he cannot pay the loans as required, plus many not renting raul.

[@theghostofpennsylvania_11]

Study how the real estate market works and you'd think twice about your plan. People in the Philippines can't even sell their condos now and they are just sitting there empty.

[@tman46544]

From what I have seen, especially on Mactan the value just isn't there because of numerous reasons. I'm in Thailand for a month or two but I expect rental prices will go lower after the first of the year. With all pogo banned many jobs have been lost, not to mention investors.

[@AmazingPhilippines1]

Good points tman. 2025 will be interesting.

[@tman46544]

@AmazingPhilippines1 the good thing for us Americans the exchange rate should rise a good degree. Just my two pesos.

[@snow-uq4gx]

Was too got damm high in the first place ..why would anyone buy a condo in ph at prices as high as usa 🤧

[@kevink1214]

some guys couldn't open their wallets fast enough to snatch up the overpriced condos.

[@bryanbambao]

Newly Built: Condominium after 10years: Tenement

[@willbill12345]

Why buy units from the developer which are all overpriced when you can purchase in the secondary market at bargain prices.

[@gantenbeinable]

True. You have to consider both. Also try to bargain with the developer. Their official prices are still high, but they are open to bargain inofficially.

[@bepitan]

people in asia view secondhand condos the same way as they view a worn pair of shoes ..they will always prefer new.

[@sb17146]

This. There are tons of distressed sellers looking to unload their condos at bargain prices.

[@kevink1214]

problem is the secondary market the owners still have the price marked up high in hope of making a killing. Then there are others that need to get out of their loans and I have seen many asking the buyer to take over their loan because they do not want to pay the penalty for breaking the terms of the contract.

[@NeoChicago]

Thanks Rod for this segment. Im always told to buy a condo, but i will rent. I love the amenities they offer. My #1 reason to visit is the cheap prices of massages. 4 USD - 30 USD. In Chicago i pay 80 plus per hour. Not including tip. I start off at Ayala Blind and close the day with a hot stone massage. Can't beat it. Stay safe and healthy and a Happy New Year to all!!🎉

[@jimscholz2997]

You always provide great information Rod.. Thanks.

[@AmazingPhilippines1]

Thanks Jim.

[@oceanearth2243]

Finally it is a buyers market!!! Could be good time to buy for cash buyers. Assumed condos are being offered at bargain prices. Epic 2/2 penthouse on the 37th floor at brand new building, just 9.5m pesos. Developer price 18m! Good for us retirees Hawai’i condo market is sliding too. Rents are holding tho.

[@AmazingPhilippines1]

I am hearing a lot of negative factors in the PH real estate market now but it will vary depending on location.

[@easyislander]

Hawaii condo market is overpriced. Everything here is overpriced.

[@oceanearth2243]

Rents are still yielding 5.5% on condos in Hawai’i and Philippines, so it’s not a total loss

[@willybernardo9155]

Those saying it’s overpriced maybe because they can’t afford it since these developers will not sell their condos if they knew no one will buy the price given.

[@RichardFeldman-q9n]

Sounds like you own a condo sorry 😢​@@willybernardo9155

[@karlenzmann]

Part of the problem is they are shrinking the sizes of the rooms, and really shrinking the sizes of the balconies. I thought about buying something in BGC r Makati, but nothing really tripped my trigger. There is one building overlooking the Venice Grand Canal that I like. But only their corner units, which have a nice wraparound balcony 👍

[@AmazingPhilippines1]

I agree Karl. Small size and non existent or small balconies.

[@bmactattoo1219]

That's the Venice Luxury Residences I think. 1BR about 66sqm with big balcony. They look pretty decent.

[@karlenzmann]

@@bmactattoo1219 I stayed there for 2 weeks in 2023, and I'm booked back in there for 3 weeks in March. I like it there. I thought it was the Saint Mark Residences?

[@bmactattoo1219]

St Mark's is the newer building across from Venice mall. They are very expensive to buy but Airbnb rental might not be too much $.

[@Gregory-Masovutch]

Studio and 1 bedroom condos are very tiny in the Philippines. Glad we bought land and built 6 years ago. Having lots of livable space single story and a large 1,000 square meter lot is worth it. The subdivisions in the Philippines have too small of lots and way overpriced. Let's hope subdivisions at 50k or more a square meter crashes as well.

[@Gregvert]

Why is a foreigner like you buying land in the Philippines! You foreigners are not allowed to own land in our country!

[@alvinlibra115]

Ordinary working Filipinos can't afford these condos !

[@reylauresta3836]

There are two factors of these....1. Pogo are ban and off shore of online gaming. 2. The local realise condos are too small for most filipinos family.. no enough spaces... the down fall of condo prices is very good for most filipinos to make the prices more affordable to most first time buyers... put the price down per square meters. Over pricing with not very good quality of building

[@gantenbeinable]

I also think most condos are too small, but bigger ones are not affordable for the average filipino.

[@conrada9477]

Very interested to buy one since retirement year is not that far away. I guess I have to wait a few more months to see better prices then. I've seen 1 bedroom at 7m a few months ago and now being advertised as 5m. I guess more price drop to come soon.

[@AmazingPhilippines1]

The prices increased very rapidly after the "pandemic" Conrad so a "correction" just takes them back to where they were after they had already risen rapidly. You may find a motivated seller.

[@fanglethorpe]

Just rent a condo for cheap while you canvas for a unit you like. Seen a lot of foreigners in an unnecessary hurry.

[@davidhaylett1810]

Long term better just build a house for 20k dollars as long as you can avoid being scammed. Apart from that just rent. Compare the annual rent to the cost of buying a Condo for Cash. Rental 25k pesos a month for one bed Condo. That’s 300k pesos a year. After 20 years that’s 6m pesos, the cost of a Condo. So no advantage in buying for 20 years. Ok you will have an asset but most guys won’t live that long in Phil. Total cost 120k dollars for either. You could build a house for 20k dollars. The only risk is that your Filipina takes off with it so see a lawyer first

[@AmazingPhilippines1]

Good points David.

[@theghostofpennsylvania_11]

Their lawyer sure won't be on the foreigners side. Only hope would be seeing Raffy Tulfo.😁

[@linkmarket9080]

My friend sent me a photo of his floor in his condo building. Had mail from body corp stuffed under the doors hadn't been picked up in weeks

[@AmazingPhilippines1]

That is common. The unit is empty and bills not being paid.

[@andrelim4580]

I think NOT OVER SUPPLY but OVER PRICED , VAT is so high, bank loan is high,

[@epicriosonlinemoney3654]

BUILD, BUILD, BUILD‼ -Duerte

[@tedjohnson4451]

There are Units in Park Tower One that are Owner/Occupied during the 'ber Months and/or High Season. Otherwise they sit Vacant.

[@shortafewbolts]

Thank you Lord, single detached homes rose 2.9% Amen. 🙏

[@chrisj302]

It’s just the beginning imo. What’s happening in China is likely going to happen here. Glut of inventory and developers keep building more, fair build quality, and really small size units (about half the size of western size condos) so expensive on a sqm basis. Look at complexes like Mandini Bay in Cebu which started pre-selling in 2014. Still only 40 percent done. And lots of new buildings going up. And when you stay in the existing complexes like Solinea they are only like 1/4 occupied as many units are held by speculative investors. Though Solinea might not get hit as hard due to a good location.

[@AmazingPhilippines1]

Good points Chris.

[@user-zs9ek1bx5z]

Oversupply and greed OVERPRICED ... 💔 reality that the bubble might burst 💔 ... There's no "equilibrium" - face the reality

[@faithdino4428]

So with Bangkok oversupply of Condos.. it takes 30 months to 78 months to clear up supply & demand.. same as other Asian cities..hard times ahead of us. Seems that investors are holding their hard earn money where recession is still around. But I believed Asia has an edge compared to SF & LA where condos are stock to the highest inventories.. so really bad. Work at home trend is the culprits ..

[@AmazingPhilippines1]

Good points and work from home is one of many factors Faithdino.

[@mikefa5891]

This is certainly interesting real estate news! But if construction of apartment buildings have been going strong since you've been there since 2015 until now, how has it affected your monthly rent even though the dollar has gotten stronger over the past 9 years? Has your rent been stable or increasing each year? With this current news, do you anticipate rent will be declining?

[@AmazingPhilippines1]

The government lockdowns "pandemic" had a major affect. I am paying 25k for what was 35k before the lockdowns. Lots of vacant units. Some try to get the top dollar still or set the asking price high so when they drop the price it is still pretty high Mike. Lots of stories from Manila areas where landlords are accepting lower offers.

[@mikefa5891]

@@AmazingPhilippines1 - my gosh! Even with price reduced from P35k to P25k is exorbitant for Cebu when compared to Manila and Makati - are they charging you by the shade of your skin color? At least lots of vacant units means they won't be raising rent for awhile - i think the current market condition makes it favorable for you to negotiate or shop around.

[@davidthelen1457]

Im hearing more and more. Just bypass the Phillipines anymore.

[@kevink1214]

One factor in the condo prices is you had so many foreigners constantly saying, buy a condo, you need to buy a condo, its a great investment. Well that helped drive up the cost, and you had many guys look at the high price, then compared it to his home country and said, oh thats cheap. You can not compare a condo price from your home country and here in the Philippines. That's not a realistic comparison. The other thing I noticed is that you have foreigners building these huge western looking homes and are asking crazy high prices in hopes of making a huge profit. I see some sit for months and months without it selling. Your pool of buyers for these homes is very small. Hopefully, we will see a correction on home sales as well.

[@AmazingPhilippines1]

Good points Kevin. Thanks.

[@jlmarc01]

You’re a natural. Good stuff

[@AmazingPhilippines1]

Many thanks jlmarc.

[@GerinPhils]

I want to buy a condo in the Philippines...but im still waiting for the prices to fall...its still over priced...I want a nice condo for 50k....thats a deal...not 250k...thats US prices and I would prefer to rent than pay US prices

[@theghostofpennsylvania_11]

I've seen condos for hell of a lot but small like a wardrobe. 😁

[@bmactattoo1219]

A nice condo for 50k was 10 years ago or so. You'll get a shoebox for that even if the housing market crashes.

[@theghostofpennsylvania_11]

@@bmactattoo1219 😁

[@snow-uq4gx]

@bmactattoo1219 wrong or right I ain't paying usa prices in a 3rd world country 🙅🏾‍♂️

[@curtis.albrecht.79]

Up North on Clark, I am renting a 2br, 2ba, 91sq/m condo at D'Heights Resort & Casino for 45k + 6.8k Dues + Utilities.

[@aboveitall9600]

We can go into liquidity….occupancy rates…OFW Expats buying them…I have to ask is Manila really the place you trust with / for a major investment? Confidence isn’t there…

[@IB4U2Cme]

Price discovery is kept a secret to take advantage of those who are not in the know. Profit from fools is what sellers want.

[@jimf937]

That's one big reason why I'll never buy anything in the Philippines. Unscrupulous people abound. Natural born scammers here. Ph uc them

[@jimf937]

Scammers abound here. It's in their blood.. unscrupulousscum

[@robertjeffrey702]

Covid hit that hard and foreclosures and inability to hang on the property. My unit still isn’t built by SMDC and I started paying principle back in 2019.

[@AmazingPhilippines1]

From what I have read, many developers has increased their time to completion to stretch the "selling" phase out longer Robert.

[@shineamen3107]

All the best dear Rod! 🙋‍♂💛🤍💙❤

[@AmazingPhilippines1]

And may 2025 be one of your best years ever Shineamen. Take care my friend.

[@sharedsailing4787]

I vacationed in Cebu and did a short term condo rental for about $20us/day. Good location but meh ok unit. I had 2 people approach me trying to sell their condo. I was like nah I'll just rent for $600/month and not deal with any headaches.

[@noe.arboleda]

still very high, hope will drop more.

[@AmazingPhilippines1]

Good point. There are more motivated sellers and renters.

[@Mnptb001]

Incredible still they kept on building residences. There are an on going projects building hotels and residences like Bridgetown, Parklinks, Arca South, vertis North and even Ayala properties demolished old buildings converted into residential units. BGC is also building more residences replacing market market. There is also a new project going on in BGC reckoned again building hotels & residences. I wonder how could they sell them. Even there's also a new projects close to the entertainment city it's nearly finished though.

[@edic2619]

EASY PEASY: The only condo buyers that CAN AFFORD to buy a condo are buyers that have a WESTERN INCOME or an income that is higher. 90% of the local PH citizens do not make enough income. Yes, over supply too.

[@AmazingPhilippines1]

True, but condos have the 60/40 rule where 60% of the square footage units has to be bought by Filipinos.

[@theghostofpennsylvania_11]

​@@AmazingPhilippines1 And that is exactly why I would not think of buying one just for that.

[@Lolopinoy123]

Condo prices in the Philippines is artificially propped up. It will eventually pop

[@Laowai-xu8vt]

That's how is was in China. People thought that prixes will always go up 😂😂😂 Now they can't sell them for what they bought them for. Too much supply ad very little demand plus the economy has tanked.

[@thylacine1004]

Chinese arent buying anywhere atm

[@theghostofpennsylvania_11]

Housing market crash will happen if they are not careful. Building too many homes which are also overpriced Same mistake they did in China.

[@roastertruck]

And local governments are also overtaxing properties because the market value is so high. What happens when prices drop? Taxes won't go down.

[@RayVillacete]

If the target market for these condos is foreign buyers {as regular Filipinos can't afford them)....why are developers building condos like tiny shoe boxes? I don't mind paying elevated prices but I'm not staying in a little cubicle when I come for a vacation. For now, better to rent until prices come WAAAY down!

[@theghostofpennsylvania_11]

They would never go down as long as a foreign buyer approaches them. It takes a serious condo market crash to teach some greedy realtors a good lesson.

[@oceanproalaska2203]

Wealthy Chinese are getting their money out of China. They are famous for building Condos and then abandoning them when they are half done. If you were talked into pre-paying, you are S.O.L. I would never invest in a Condo, If you have ever seen them being built, The workmanship is very poor. What I have seen in home building is 1 engineer and 6 to 8 Unskilled laborers , with the lack of building codes and skilled trades people many of these projects the workmanship is substandard at best.We have purchased a lot with a Hard Title and we will be building a home on our lot. I have good understanding of construction and I will be on the job every day to make sure they are not cutting corners. I feel this is the only way to do it. I would never buy any home or condo that is pre-built.

[@Gregory-Masovutch]

Yes we built 6 years ago near Tagaytay and it's the best way to go. Worth it. Good luck

[@boyscout-p3u]

nope its still not worth it. the best thing to do is rent a vacant lot for 100 years. that term is legal now in the philippines

[@napadaanlng69]

Condos are hard to liquidate and is too expensive beating the price of my family's 75 sqm w/ 2nd floor property in Mandaluyong house and lot along evangelista, we're selling it for 4.5 million tho definitely much bigger than condos.

[@AmazingPhilippines1]

Thanks and good luck.

[@robocop581]

I have a 80 sqm condo in Mandaluyong and it's been leased since 2017 to Foreigners. There's no reason to sell when it's earning a net 8% return and the parking spaces 10%. I'll keep my condos long term until they're 3.5X paid off

[@NiseGen-13]

4.5 Million is not high compared to 10 Million for a Condo unit that only has 1 room and 1 bed room.

[@gabrielexplores4931]

I was living in Cebu IT Park until Jan. 2023. I couldn't believe what they were asking for a new small condo ($200k USD). Looks like I was right to pass on it..

[@AmazingPhilippines1]

Good decision Gabriel.

[@driftwoodsmittyasia1286]

As a poor retired military troop I can't afford the up front cost that you will not get back when renting. I use Airbnb for my stay here in Metro... Cebu..The rentals have climbed in my 15+ months here.... Electric cost seems to drive the increase owners tell me

[@AmazingPhilippines1]

Airbnb "all in price" is unique in that they have to assume you are going to run the AC 24/7 so you are paying more for electric than the actual usage in most cases Smitty.

[@thebeachoflife]

Boots on the ground info

[@AmazingPhilippines1]

Thanks.

[@RealGaryGibson]

I'm glad I didn't just purchase a condo!

[@shortafewbolts]

Fellas Cebu condos are way overpriced. Compared to Manila. And Manila has way better entertainment

[@nunosapunso6239]

They were hoping the Chinese would pay the high prices.

[@KeepingupwiththeJoneses1999]

I was thinking the same thing during my walk through of Amani grand in 2019. Sounded like a good deal at the moment, but I'm glad I didn't go through with it. I was just planning to air bnb it, and I thought the local agents would rent the Filipino owned units before the foreigners units. Now after renting there 25+ times since covid, I believe some of these agents don't even tell the owners that the place is rented.

[@AmazingPhilippines1]

Interesting points. I have found that some condo owners will pay the front desk or security a commission to help rent their units, so not giving info on all units up for rent or sale.

[@edwardlawler9487]

Negotiate for what? No one in there right mind buys a condo it’s a pure bad purchase overall!!!! Never have been worth it and still not worth it. Rent and live a little that’s it.

[@Xena4Eva-w1f]

Lol, my bathroom is bigger than those condo apartments.

[@theghostofpennsylvania_11]

My wardrobe is bigger.😁

[@FranciscoVerra]

One Major cause is d government stopping d operation of Philippine offshore gaming operation and work at home with started started during covid n 2020 to 2022.

[@AmazingPhilippines1]

Good points. Work from home is still a major issue.

[@noritakaakamatsu9713]

Waiting for a major, major, major mkt crash in BGC! How are non-POGO Chinese buying? Did they stop buying or accelerate due the bubble crash in China?

[@jackmeloff3335]

Don’t believe everything you read!! We have a lot of property here, rentals both in AC and Manila , have not seen a drop in numbers so I don’t know where these numbers are coming from?? There have always been empty units in all areas mostly due to OFW’s buying and not renting, with condos they don’t want them to get messed up by tenants, so they sit empty. Some are 4sale changes everyday. So I just think someone is trying to stimulate the slowing market, they do it here every 5 years or so.

[@AmazingPhilippines1]

The data is coming from several of the top property management companies in the PH Jack and now getting attention from the "main stream media" news shows as well. Lots of discounting, extending payment terms, rent to own options, dropping prices for sales and rentals substantially. 3-5 years of dropping prices are expected by the top property management companies like Colliers, Leechiu, etc.

[@theghostofpennsylvania_11]

From my experience here, I've seen many empty ones and many desperate sellers; especially in Metro Manila and Quezon City. I'd hold off from buying one or just not buy at all. I smell china like a housing crash coming or more like a condo crash.

[@theghostofpennsylvania_11]

​@@AmazingPhilippines1 Not to mention the rush, rush sales all over Facebook market place.

[@JS-jh4cy]

Sucks you cannot buy an real house with an 2 acres yard in Phillipines

[@JS-jh4cy]

I don't know how people live in shoeboxes and have children

[@AquarianConspiracy]

Caveat emptor

[@frankmazzie4855]

Rod talk about the kano prices,its a real thing i experience it often..

[@AmazingPhilippines1]

Good topic Frank.

[@ruscocor]

GREAT VLOG

[@AmazingPhilippines1]

Glad you enjoyed it.

[@alpante7813]

😂😂😂😂😂oversupply for rich investment to buy and not for sale for affordable for poor to buy😢😢😢

[@eegt628]

price should reflect the crappy buildings and substandard

[@azerko]

Very confusing line of thought although interesting subject

[@BelusTraveller]

Everytbing I see is Grown in price, Im not buying houses but know a lot of renters, Paying pretty high rents, Cost of living way more as well, I see a lot of Condo building stalled, That pogo may have been factor, but many had their own housing, Cebu Is a world of its own also Super Busy place, Massive call centers and more moving in,

[@AmazingPhilippines1]

There are many more factors I will get into in a future video also.

[@Imold774]

@BelusTraveller Call center agents being replace with AI. Humans will not be needed as call center agents in 5 years 25% of call center agents already replaced with AI in Manila. IT Park will be hit hard also….

[@starbeach2001]

Condos in the Philippines are grossly overpriced where most Filipino families cannot afford to own. Amazing country.

[@kevink1214]

Sadly they are told to buy condos and rent them out, so they ended up saddling themselves with a loan for many years. If now they can not rent out the units as high as they used to it might not be a good investment anymore.

[@Alpha-jk3be]

Nope still the same…

[@Cosme27]

Philippine condo units were already overpriced 10 years ago, wait until people will abandon their condo units. It's coming soon !

[@bmactattoo1219]

I don't think people will abandon their condos. Why??? If they paid too much to sell it, live in it.

[@snow-uq4gx]

Bgc is completely overated🥱

[@willybernardo9155]

BGC is the best upscale CBD in the Philippines,don’t flood,walking distance to hospital,malls,restaurants,schools,even the senate building stands here,wide roads,clean.OFW’s,expats and foreigners prefer to stay/live there so what overrated are you talking about?

[@snow-uq4gx]

@willybernardo9155 i state again it's completely overated..I been all over the Philippines its completely overated Boring n stale af...the only thing u mentioned that holds any weight is the flood issue..other than that completely overpriced

[@snow-uq4gx]

@willybernardo9155 u act like food malls don't exist or is not close to any other living communities 🥱

[@willybernardo9155]

@@snow-uq4gxI forgot much safer than any other parts of the Philippines,no spaghetti wirings,no street children/beggars,less crime,near the airport,no PUJ/tricycles.Anyway my opinions are based on facts while yours is only in your head.

[@seckoya]

🤔

[@shagwellington]

Way too many statistics. Just sum it up.

[@AmazingPhilippines1]

Thanks, but I prefer the data and discussion shag. Happy New Year.

[@Leonemeanastraea]

Such is a great time we live in bitcoin at a all time high, the dollar is super strong to the php. Investors are moving in to develop manila bays new city. And condos are on fire sale. Business is business if you know you know.

[@JonathanHaberski]

Nope, it needs to go down another 50%😊

[@bmactattoo1219]

Never gonna happen.

[@Grimberian72]

sadly this is only the start! still many more new builds still waiting to become online and make the matter worse. also China building 'build and forget' is only going to make investors lose more money later down the line if they can not shift them! alot of people are going to be making a big L on a lot of investments!!!

If we can’t buy land in the Philippines then it’s only fair that Filipinos can’t buy land in our countries. US and Canada.

[@RicksCafeAmericana]

Not true. The Philippines has a right to protect themselves against a real estate invasion and not become owned by China and other developed countries.

[@paulwerdak5888]

Propose this idea to congress and see how far you can get.

[@theghostofpennsylvania_11]

Canada has already put that law. No foreigner can buy a house anymore in Canada. Look it up.

[@Rockiii9]

I spent a week looking at condos in Cebu way back in 2016 & decided it didn’t make sense to buy anything except bank repos. The problem with them, though, was that they often had structural problems with unpredictable repair costs. Since that time, the number of new developments has increased exponentially. This is logical, given Ph’s rapid economic growth, but growth in Cebu City has been largely on the higher end of the market, ie unaffordable for the average pinoy. This oversupply problem can only lead to price depreciation as unsold units pile up.

[@AmazingPhilippines1]

I had a similar experience looking at dozens of units starting in 2015.

[@Grimberian72]

15:03 so what they are saying buy for more, and rent for less! those investments are going to be going elsewhere for a better ROI! unless your stupid...