Dumaguete City, capital of Negros Oriental is gaining in popularity as the best place for Expats to settle. Previously I have written articles trying to explain why and have covered the topics of Medical Care and Amenities. This week I will give some info on Real Estate.
The Real Estate market for both investment rental properties as well as single family dwellings is thriving due the steady influx of foreigners looking to rent or purchase accommodations, and it does not look like there is an end in site. Currently prices are still very attractive and affordable but at some point there is concern that this growth will lead to inflation due to supply problems and speculation.
Purchase pricing varies with land ranging from 500 P/sq M for undeveloped land outside the city to 3,500 P/sq M for developed land in some of the more affluent subdivisions and beach fronts. Add to that your actual finished building costs of 20k to 30k per sq M(floor area) finished to North American or European standard.
A typical mid quality house with 120 sqm of floor area on a 400 sqm lot , will cost approximately 3-4 million Pesos or 70-90 k USD. Where I come from, that is CHEAP !
If you are in the rental market , a good clean 1 bedroom or studio apartment will start around 7,000 pesos (under 200 USD)and a small house can be had for 15,000. For those prices you will have all the basics to provide comfortable accommodations and with only another 5-10 k can actually find something quite luxurious. Be forewarned though, the rental market is getting tighter and prices are rising, and though this is not good news for renters on a fixed retirement income, It is good news for those that have a little bit of money and want a secure and steady retirement income with some decent ROI. A good bet is to purchase an inexpensive lot on which you can have built some rental units. You will not have a vacancy problems , will receive rental income as well as appreciated property values. Expect a 15-25% ROI yearly from a well managed property development her in Dumaguete.
For personal service should you want to explore the Real Estate market of Dumaguete City and surrounding Negros Oriental, Feel free to email , firstname.lastname@example.org or visit philippine-islandproperties.com
Are you going to come and see first hand why Dumaguete is the city of choice for expats in the Philippines?
If you do and decide to stay, let WPG Philcan help you with all the services you will need to get settled