Buying-Owning-Renting Property in Cebu

[Omega 3]

New high-rise and mid-rise condo projects seem to be sprouting up all over the place in Cebu. Was looking at a couple of units, and was surprised to see that, despite the perceived increase in supply, condo units here seem to be rather high-priced (in my personal view).

Have not been following condo prices in Cebu, so would much appreciate your own personal thoughts (from our Cebu gurus) on the following questions.

Generally, in your view, have Cebu condo units been appreciating in price during the past 3-5 years? In other words, if I had bought a condo unit in Cebu 3 to 5 years ago, could I reasonably expect to sell the condo unit today for appreciably more money?

Thank you!

OM.

[Stroker Ace88]

I have seen interest rates at 8% for houses.

Current home loan interest rates at many Philippine based banks are well under 8%. HDMF is at 4. 5% for a 1 yr (but you will not qualify), BPI has a 2 yr fixed at 6% and a 5 yr fixed at 6. 88%.

So, if you can earn more than 8%, do it.

Oxymoron.

If not, pay cash if you can.

Many foreigners pay cash. Cash is king in the Philippines and it's a much easier way to buy property. The only way a local bank would give you a loan is if you have a stable income source like a pension that's already being remitted through your Philippine bank account. I know several expats around the RP that have taken out a loan in the States to buy property in the RP. They get better terms and less hoops to jump through vs a loan in the RP.

Please note that you can't buy a house in the Philippines.

Nonsense.

However, if you have $200,000, you can start a business foreign owned 100%.

If you have the 200 k USD to "invest" in a business with the potential to lose all or a portion of it, why not take that liquid cash and buy the property of your choice with it? 9 million php can buy a nice place.

If you have less than that, you (or other foreigners) can only own 30% (total, not each).

30% of what? A business, a corporation or a condo?

BTW why quote a post that's three years old?

[Jack Burton]

, it's a bit difficult trying to assemble enough accurate information to make decisions. Then, given the exorbitant interest charges for mortgages, it's even more difficult to work out if you're better off paying cash.

GE

I have seen interest rates at 8% for houses. So, if you can earn more than 8%, do it. If not, pay cash if you can.

Please note that you can't buy a house in the Philippines. However, if you have $200,000, you can start a business foreign owned 100%. If you have less than that, you (or other foreigners) can only own 30% (total, not each).

[Wicked Roger]

My age is not a factor, I've been a demented perv since before I was able to walk. And you should lay off the pastries at your "office" or soon you'll be big enough to be a landmark yourself, LOL.

Pastries or pussy PJ? LOL.

As you know they care not for size of body but todger, and size of wallet at times LOL.

As for being a demented perv. Glad you still have brain cells to admit it as it saves me telling you each time we meet! The more we meet however, the more I bam ecoming corrupted also. Bad for a church going Christian like myself LOL.

And I thought I am a landmark already. Or that a figment of my own imagination.

[Pip Jaeger]

When PJ visits he has to ask me for a landmark (due to age and dementia) LOL.

My age is not a factor, I've been a demented perv since before I was able to walk. And you should lay off the pastries at your "office" or soon you'll be big enough to be a landmark yourself, LOL.

[D Cups]

So living in a larger city means you can do more, less people notice and have more fun IMHO. If you live in Duma, Dala, Alcoy etc I would have a steady girl and go to other places for fun.

Yikes, M, WR and RK. Now I have to rethink everything. Thanks for your input. It is much appreciated.

[Red Kilt]

Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.

If you start playing around with the local girls the community will turn on you like vipers. There is a difference between "tsismis" (usually just harmless busy body stuff) and families looking out for and protecting each other which can get extremely vicious. There was an "incident" reported in Dalaguete just a week or so ago.

If you have one girl and you stick to her (no monkey business) in a small place like Southern Cebu then the community will protect you through thick and thin, and you will be a celebrity. Been there; done that (in another locality).

However, if you choose to live there with a chosen girl but still wish to dally then all your mongering with other women will need to be in another location, and you will also need to remember that there are eyes everywhere in the Philippines. You will be seen by someone at sometime.

[Wicked Roger]

Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.

Chismis is impossile to stop, happens all the time as many in the family have nothing better to do than talk about others.

One told me her relatives told her it was "shameful" that she was not given a car by her western boyfriend. My response was to tell them to buy you a car so they were not ashamed anymore LOL She did not understand that I was being serious and could not understand that I could care less about chismis, for me I ignore and live my life but for her is is life and so important!

But you need to be cautious and wary as chismis will get her into trouble and it will ruin / could ruin a relationship.

In a small place mongering to the extreme will be tough as so many eyes and family members all ready to chismis.

And as Make said in his last FR, some won't forgive if you bring perceived shame on her family. Life is very cheap in the Philippines as witnessed by the huge number (IMHO) of random shootings of people by motor bike riding assasins.

So living in a larger city means you can do more, less people notice and have more fun IMHO. If you live in Duma, Dala, Alcoy etc I would have a steady girl and go to other places for fun.

[Makeupaname]

I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?

I too am looking near this same area. Alcoy has more germans, and Agao more americans. And Dalaguete in between. Love the girls but wouldn't risk mongering where I live.

BTW, an american was killed in dalguete last week. It seems to be a hired killer, not some random crime.

[D Cups]

. In the smaller places there is a lot more chismis (gossip) so remember that also.

Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.

[Wicked Roger]

I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?

The distance to Cebu is what turns many off for those who don't want the quieter lifestyle. Friends swear that Dumaguete is gret and maybe I should go there but maybe I prefer a bit more noise LOL. Another friend is building in Dalaguete but that is for him to settle with his lady, for now he is in Carcar. He works offshore, wants the quiet and likes that it is cheap.

So YMMV but all are nice just need to know what lifestyle you need. In the smaller places there is a lot more chismis (gossip) so remember that also.

[D Cups]

I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?

[Sebans]

PJ,

I think what Sebans means is he wants to move in with you, and if you would be so kind as to go with him to meet his dates and pre-screen them LOL. JK.

Sebans,

I think you need to do some of the work yourself. Dig around online, and google places in Cebu. What may be a good area to me might not be a suitable area for you to live in. Everyone is different so best to book a hotel for your first few days in Cebu while you sort through some of the online listings. Of course that would mean doing your homework before you arrive.

In March I was in Manila Malate / Ermita area in the tallest building "Manila bay mansions" of Adriatico street and even if it a very know and central place some of the girls had problems getting there some because the taxi didn't know the place and some becouse they didn't take the taxi to save money and arrived a couple of hours late. No problem for me waiting in my apartment from 10 pm to 12 pm but will not wait 10 minutes in a shopping center.

The Mango / Fuentes Circle area suggested by PipJaeger and Ayala, Banilad, Banawa, Mabolo suggested by WickedRoger will be checked out during the first days. Thats it. That's the indication I needed and didn't ask anything of what you mention.

[Stroker Ace88]

I did look at airbnb as well but the prices there are crazy. Some condo owners need to get a dose of reality before I use that web site for condos (for example PHP 50 k a month for a room, some asking PHP 300 k for their condo monthly) So the others I mentioned (lamudi, sulit etc) have a closer touch to the market.

As Pip says need a landmark for the visitor. When PJ visits he has to ask me for a landmark (due to age and dementia) each time so best follow his advice LOL.

Also, if you don't C2 C and it happens to be a LB who turns up. Your fault as you did not C2 C first. If a chubby then up to you LOL (my Arab mates can't understand why I don't like cubbies!

Pip. As for the "English Nazi's" it should be "English Nazis" LOL but you are forgiven as English is not your first language LOL.

WR,

I agree some of the listings on airbnb are crazy, but that's the same with sulit and the others.

LOL about chubbies. To be honest some of the chubbies around the RP would be considered as thin back in the West.

[Stroker Ace88]

Since I fish almost 100% from badoo and tagged an since now I want girls come directly to my place where I wait for them to pay for their taxi, by a good area I mean an area not to difficult to reach and known by everybody.

PJ,

I think what Sebans means is he wants to move in with you, and if you would be so kind as to go with him to meet his dates and pre-screen them LOL. JK.

Sebans,

I think you need to do some of the work yourself. Dig around online, and google places in Cebu. What may be a good area to me might not be a suitable area for you to live in. Everyone is different so best to book a hotel for your first few days in Cebu while you sort through some of the online listings. Of course that would mean doing your homework before you arrive.