Luxury Home Construction In Cagayan De Oro

A friend of mine is building this house here in Cagayan De Oro.

It's really amazing how big a difference there is between what it costs to build a house in Cagayan De Oro and what people try to sell a house for here. Up until this point, I had only heard the selling cost of houses that had already been built, and been sadly surprised at the cost of real estate... but never heard the cost of actually building a luxury home.

This is a 300 square meter (3,000 square foot) home with 6 bedrooms, 6 bathrooms, 3 medium-sized living rooms, 2 kitchens, maids quarters, and a full master suite on the third floor, sitting on a 500 square meter (5,000 square foot) corner lot of the most expensive real estate in Cagayan De Oro: Cliff-side at Xavier Estates. When finished, this entirely custom house will have hot and cold water throughout, a cliff-side swimming pool, and full landscaping and decks.

Cost to build fully furnished is 100,000 pounds, $200,000 dollars, or about 9 million pesos. The land cost 2.7 million, the landscaping and pool cost 0.8 million, the furnishings cost 1 million, and the house itself cost 4.5 million... 15,000 pesos per square meter (about $33 per square foot).

I've seen similar houses in Cagayan, not as large, not as pretty, on half the land, selling for the same price. I cannot imagine why anybody would buy a house already built here in Cagyan De Oro when you can build exactly what you want for so much less.