Real Estate in Manila in Q1 2021
I'm considering buying a condo in Manila for my retirement. What's up with prices? I don't understand how the market works.
As quality is so low, I'm only looking at premium stuff like Ayala Premier, or similar high end condos in BGC or Makati. But as my pension will be low and rents are high in manila I consider buying to protect myself against a possibly rising pesos in the next 10/15 years vs Euro. After all in the last 10/15 years it already moved from 70+ to 58 now.
When I check ads on property24 or or lumundi I see ads that are there for months with unchanged price, none of this makes any sense (as often in the Phils!). As Airbnb hope of returns were driving the market up, in those circumstances prices should drop but that doesn't reflect on ads.
So my question is how to know the "real" price of a condo? I can see 50 shades of me getting ripped off when buying a condo and it drives me crazy:).
Can you make good deals from second hand market from recent developments (10 ish years max) like let's say Gramercy or Park Terraces.
In Europe or USA you can access transactions databases, is there such thing in the Philippines?
Also most ads from developers seems to mention discounts if you pay cash. So I'm wondering what kind of discounts can you hope to get if you pay cash.
With many Chinese POGO gone, with Airbnb market crashing, and local workforce being paid low wages, I really don't see what could keep such high prices, especially since so many news condos are always being built.
The only market segment that must still be relatively solvent must be philam!