It is clearly post bubble situation there.On a side note, UAE property prices never recovered since the 2008 crisis. Somebody mentioned here the top was 2014, but it's not.
In fact I bought my condo in 2007 (still under construction) and sold it in 2014 (luckily) at a discount of 15% of what I bought it for. The only thing that saved my purchase is the currency exchange difference. So I managed to recover my money.
Where in Philippines, BCG? I had some pretty bad material in constructions in Cebu while it was still new and parts were in the finishing process with prices studios of asking price of 80k $ for 20sqm.