The prices in real estate in Cebu, in the Cebu City region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Cebu has increased strongly during the last 6 months. In October, the average price per m² was ₱ 38,757. In November this price pretty much remained the same at a value of ₱ 38,325 per m². In the following two months the price per m² has barely changed, going from ₱ 38,541 to ₱ 36,879 per m². The price per m² has had a considerable increase of 224 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₱ 37,710 to ₱ 84,401.5 during February, and March.
Based upon to the price in Cebu (cities), this has gone up considerably in the last 6 months. The average price for October is ₱ 4,534,103. During November the price had a slight fall till ₱ 4,201,679. In the following two months the average price has remained the same with regard to the previous two months from ₱ 4,367,891 to ₱ 4,239,541.5. Based on an analysis of the first four prices and the last two months the average price has risen strongly 248 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₱ 16,998,702 they are 60 % more affordable than the average price for Cebu. The properties with the highest average price have 4 bedrooms, Their price is 81 % more costly than the average. After that we have properties with 3 bedrooms priced at ₱ 16,694,741.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of ₱ 76,508 / m², with an average ₱ 127,913 / m² price in Cebu. The properties with the highest average prices have 2 bedrooms. They are 25 % more expensive than the average followed by properties with 1 bedroom with a price at ₱ 124,804 / m².
The graph displaying the average prices displays the property type "Condominium" as the most affordable one. At an cost of ₱ 16,998,702 it is 44 % cheaper than the average price in Cebu. "Lot" is seen as the second most affordable property type. The dearest property type is "Commercial Lot" followed by "House". At a price of ₱ 35,583,905 it is 192 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of ₱ 125,828 / m² followed by "Lot" priced at ₱ 142,779 / m². "Commercial Lot" is the most costly type of property with a ₱ 303,009 / m² cost followed by "Condominium" with an average price of ₱ 155,413 / m².
