Looking forward to settle in Cagayan de Oro? Find in this article some tips regarding the local rental market.
Cagayan de Oro is nicknamed the “City of Golden Friendship”. It is a highly urbanized city located in the Southern Philippines and is deemed to be the country's 10th most densely populated city. Located North of the Mindanao region, facing the Macajalar Bay, Cagayan de Oro is very popular with tourists, not only for the numerous activities that are available there, such as rafting, kayaking, etc., but also for its infrastructure that includes many facilities, namely shopping malls, hospitals, golf courses, as well as its beaches.
By moving to Cagayan de Oro, you are likely to enjoy a mild weather, along sumptuous beaches, modern infrastructure and a low cost of living. Indeed, the city is described by expatriates as the ideal place to live, retire, and why not set up a business.
Cagayan de Oro consists of 80 villages called barangays. These villages make up two districts, one in the West and the other in the East which is naturally bordered by a river. Moreover, 57 villages have been urbanized while the remaining 23 have preserved their rural looks.
Although many real estate projects are currently underway in Cagayan de Oro, it can be quite difficult to find accommodation there from abroad. In fact, it is best to be on the spot so that you can roam around different neighborhoods and villages and inquire about vacant housing. You can also inquire with your friends or contacts on the spot. You can as well seek the assistance of a relocation agency which will take all the related responsibilities on your behalf, including that of finding accommodation. However, this can be expensive.
This is why you are advised to register with a real estate agency, even from abroad. The latter will take care of finding the ideal accommodation according to your criteria and will even assist you in signing the lease contract.
Rent prices in Cagayan de Oro are much lower compared to other major cities such as Manila, for instance. Hence, to rent a single-bedroom apartment, you will need about 200 euros per month in the city center and 100 euros per month in the outskirts. For a three-bedroom apartment, you will need some 300 euros per month in the city center and around 200 euros per month in the outskirts.
Note that the owner or the rental agency will request you to pay a deposit which is generally equal to two months rent, and an additional month's rent upon signing the lease contract. In some cases, the owner may request you to pay six months or a year's rent in advance. In any case, feel free to negotiate the rent price with the owner. As goes the saying “Nothing ventured, nothing gained”.