The Philippines has today been hailed as one of the hotspots for property investments in the Asian region. As a result of the dramatically improved economy as show in the 7.8% growth rate posted for the first quarter of this year, the Philippines has become one of the most viable investment vehicles for locals and expats alike. The Philippines also boasts of having some of the lowest priced prime real estate options in the Asian region today.
If you are an expat planning on establishing business, work and residence in the Philippines, it is highly advisable for you to set up residence near your place of work. Reasons for this are twofold. For one, traffic in Metro Manila is one of the most difficult to manage and can get really terrible at times, thus, living close to where you work can prove to be a great advantage for you. Secondly, when you live within the Central Business District (CBD) of the city that you work in, you get to take advantage of the proximity to prime dining, retail and entertainment establishments and enjoy excellent lifestyle choices.
Although foreigners are not allowed to own land in the Philippines, the Philippine property market offers a vast array of condominium projects that expats can choose from. Central business districts located in prime cities like Makati, Taguig, Alabang and the Ortigas area offer premium condominium selections that will suit the discerning tastes of locals and expats alike.
As we mentioned in a previous post “Why Invest in the Philippines”, property prices in the Philippines are some of the lowest in Asia and investing in premium Philippine properties for a fraction of the cost it would take to invest in a property in, say, Hongkong will be one of the best investment decisions you can make. And because property value in the Philippines continues to rise, you can expect attractive returns on your money.
When buying a home in the Philippines, we suggest that you take the following steps to make your property-buying experience a seamless one.
Define your price configuration. The Philippines has so much to offer in terms of condominium investment options with varying price ranges. Define your price range so that you can narrow down your choices.
Choose your area. Tie-up the area with your price configuration. Condos in CBDs usually fetch a higher price than in other areas, and prices in prime cities such as Makati, Taguig (more specifically the Bonifacio Global City area), Alabang and Ortigas areas are generally higher than in other cities. In Makati alone, condo units go for over $3,000 per square meter.
Choose your Unit configuration. The more number of bedrooms your unit has the higher the price. It may be more practical to get a 1-bedroom unit if you are just a couple or will be living alone. The prices of 2-bedroom or 3-bedroom units significantly are higher than single bedroom configurations.
Choose a reputable developer. Whereas before only the established and well-known developers undertook real estate developments in the Philippines, today several small and unknown developers have started to sprout in the Metro. We advise that you buy only from reputable property developers to ensure that your investment is safe and you get your money’s worth. Big and established developers like Ayala Land, Century Properties, Rockwell Land, SMDC, Filinvest, Robinsons Land, and the likes.
Study the different financing options available. With the fierce competition happening right now brought about by the numerous developers trying to grab a piece of the property development pie, several financing options that make payments easier on the pocket are currently being offered. From zero interest instalments on down payments to lower bank or in-house financing rates, it would serve you best to take your time to study all the financing options available.
Engage the services of a reliable licensed real estate broker. I remember years back when a foreign national client came to me with his tales of woe because he practically lost his money to a developer. He bought a condo unit on pre-selling basis from a not so well-known developer as advised by one of his acquaintances. Construction of the building commenced but when it was about to reach the 23rd floor which is where his unit is supposed to be located, construction stopped. He has won the suit that he filed since but only after going through an expensive and time-consuming legal battle, something he could have avoided if he consulted a reliable licensed real estate broker before buying a property.
Buying a condo unit in the Philippines may not be so different from buying property in your home country. But before you plunge into actually buying a condo unit, sit down, analyze your needs and define what would be best for your requirements and your situation. Better still consult a reliable and licensed Philippines real estate broker who can help you find the options that will suit your needs.
Contact me and let’s discuss how we can help you find the right home for you in the Philippines.
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