Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-11-22
X MANILA REAL ESTATE ~

Manila, although boasting a popula-
tion neighboring 100000 people, does
not furnish the requirements for prop
erty that would city of 10000 people
in the States. The reason for this is
obvious when consideration Is taken Of
the fact that four-fifths Of the people
live in a semi.civilized state and re-
quire but little accommodation In eth
er the matter Of stores to supply their
food and wearing apparel or houses
for their habitation.
Prior to the advent Of Americans
here in force. the population was COM
paratively settled. The foreign con.
tingent was made up Of European bus
mess men and Spanish military and
civil officials. This factor Of popula.
ton changed but little from year to
year-they virtually controlled the
finances together with the import and
export trade, and their business tend.
ed in no measure whatever to traffick-
ing in real estate. Lack of growth
and advancement Of this element con-
duced to low values In property to-
gether with correspondingly low
rents.
Among the Fi!ipinos ideas OF real
estate values were ever vague, espe'
cially so as regards city property. The
educated and wealthy-the terms are
corelative when speaking Of the native
-aspired to an approach to luxury In
their homes and home appointments.
The poorer classes OF the city were
well content in a nipa shack wherever
there CHANGED to be vacant place to
squat. Such conditions as these were
not calculated to create any demand
for real estate. and SO when the
Ameri6 ans came they found the peo'
pie with their ideas upon the subject
practically uniformed. Their first bus
mess experience with our troops led
them to believe that we were all roll
ing in wealth and that money was nc
object to us. We paid what was ask
ed for whatever we wanted to buy
and this was such a surprise to the
Filipino, who was used to taking what
he could get, that he at once made VI
his mind that he could have gotter
more had he asked it, so, acting II
line with these ideas. prices wer'
steadily advanced all along the line
and they have not yet ceased advanc
ing.
This condition in business was re
fiected in property values and rental
as viewed by the Filipino. And will
the Filipino we can here include thos
of Spanish and mixed blood. Attend
ant circumstances were little differ
ent, however as they relate TO real es
tate. With the coming first of Amel
lean officers and their families and Ii
ter the civilians. strong demand wa
created for favorably situated dwell
ing houses for temporary occupanc
only. A competition was at once b.
gun for all suitable houses that wer
available for rent. with the result thi
as the supply was limited the charge
went up by leaps and bounds. House
that had rented for fifteen or twent
pesos in Manila when the American
first entered the city jumped to thirt
/. then fifty to sixty, TO eighty and
one hundred. Some that yield fift
to seventy.five pesos a month (ar
such were on the palatial order)
day command from one hundred al
nifty to two hundred dollars gold p
month.
During the first two years of our G
cupation there was no demand I
property to buy, as no one was su
of our tenure here; yet ht the sar
time the large revenues Yielded by