The prices in real estate in Cebu City, in the Cebu 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 City has increased strongly during the last 6 months. In July, the average price per m² was ₱ 58,786. In the following month the price per m² increased considerably to ₱ 68,202. The price for the following two months in (September, October) had a considerable increment of 121 %. The price per m² has barely changed in the last two months compared to the average price of the previous four months going from an average price of ₱ 70,208.5 to ₱ 71,616 during November y December
Based upon to the price in Cebu City (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during July, is ₱ 5,299,508. During August the price went through a considerable rise reaching ₱ 6,458,647. During the following two months (September, October) the average price had a considerable increase of 117 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 119 % 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 ₱ 6,828,329 they are 20 % more affordable than the average price for Cebu City. The properties with the highest average price have 4 bedrooms, Their price is 31 % more costly than the average. After that we have properties with 3 bedrooms priced at ₱ 8,106,683.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of ₱ 66,906 / m², with an average ₱ 68,433 / m² price in Cebu City. The properties with the highest average prices have 1 bedroom. They are 100 % more expensive than the average followed by properties with 2 bedrooms with a price at ₱ 102,837 / m².
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of ₱ 6,828,329 it is 15 % cheaper than the average price in Cebu City. "House And Lot" is seen as the second most affordable property type. The dearest property type is "House" followed by "Apartment". At a price of ₱ 9,756,926 it is 101 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House And Lot" at an average cost of ₱ 38,014 / m² followed by "Townhouse" priced at ₱ 52,103 / m². "Condominium" is the most costly type of property with a ₱ 105,189 / m² cost followed by "Apartment" with an average price of ₱ 97,020 / m².