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 ₱ 77,015. In the following month the price per m² increased considerably to ₱ 90,873. In the following two months the price per m² has barely changed, going from ₱ 83,944 to ₱ 87,676.5 per m². The price per m² has had a considerable increase of 123 % 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 ₱ 85,810.25 to ₱ 105,888 during November, and December.
Based upon to the price in Cebu City (cities), this has gone up in the last 6 months. The average price during our first sample month during July, is ₱ 10,605,630. During August the price went through a considerable rise reaching ₱ 13,008,280. In the following two months the average price has remained the same with regard to the previous two months from ₱ 11,806,955 to ₱ 11,464,368. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of ₱ 11,635,662 and ₱ 11,198,134 between November and December.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₱ 11,140,254 they are 48 % more affordable than the average price for Cebu City. The properties with the highest average price have 4 bedrooms, Their price is 43 % more costly than the average. After that we have properties with 3 bedrooms priced at ₱ 11,802,183.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of ₱ 68,110 / m², with an average ₱ 104,639 / m² price in Cebu City. The properties with the highest average prices have 1 bedroom. They are 32 % more expensive than the average followed by properties with 2 bedrooms with a price at ₱ 120,000 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of ₱ 11,140,254 it is 71 % cheaper than the average price in Cebu City. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Farm House". At a price of ₱ 15,318,576 it is 40 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Farm House" at an average cost of ₱ 13,509 / m² followed by "House And Lot" priced at ₱ 43,708 / m². "Condominium" is the most costly type of property with a ₱ 145,492 / m² cost followed by "Apartment" with an average price of ₱ 68,599 / m².