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Steps on how to acquire property in the Philippines for Foreigners

Look for a trusted Registered Real Estate Salesperson

Foreigners looking for a property to buy in the Philippines must seek the help of a licensed Real Estate Professional as they can guide them to find the property that will fit their needs, budget, lifestyle. Some of the things that your real estate salesperson can assist you with are:

Professional advice – These real estate salespersons can offer you suggestions in choosing the right property to buy because of their vast experience in understanding the real estate market trends and legal requirements in the country.

Contract Reviews – Real estate salespersons can assist you to review the contract of the property that you are purchasing, they can point out any technicality stated on the contract as their interests are always for their client’s safety.

Documents – Required documents for property acquisition can be easily taken care of by the real estate salesperson and the property developer.

Tax Clearance – A real estate sales agent can process the payment of your tax transfers and other fees to secure your tax clearance.

Deed of Sale – A pertinent and irrevocable legal document that can be accomplished, signed, and processed by your trusted real estate professional.

Determine the right property for you to purchase

Condominium Units – Foreigners are allowed to purchase a condominium unit/s as long as the whole building is owned by 60% of Filipinos. Bear in mind that you are responsible for the unit furnishings, utility bills, and the specified building association dues. Although condominiums are widely available in Metro Manila, several developers have already explored launching this to provinces.

House – A foreigner can own the house erected on the land to be purchased but the land must be on a long-term lease with landowners as stated in The Investor’s Lease Act of the Philippines. The neighborhood, safety, accessibility to convenient locations, resale value, structure, and construction must also be considered. 

Corporation Owned Properties – Foreigners can own land through corporations or company that is 60% owned by Filipino citizens, the remaining 40% may be owned by Foreigners but it must be registered with the Government Board of Investment. They should also have the necessary requirements to buy/sell properties and negotiate in the real estate transaction.

Foreigners are only allowed to one 1,000 square meters in cities and 2.5 acres of land in rural areas.

The Cost of the Properties

There are a lot of cities that you can choose from if you are looking for great value investments. While in Metro Manila, the most popular cities are Makati City, Quezon City, and Manila, these cities are also some of the busiest and the cost of living in these cities is slightly higher than in other cities.

Property cost overview in the 3 cities:

Makati City – the cost of an apartment in this business district ranges from 200,000 – 250,000 per square meter

Quezon City – Although not the country’s capital, this city is the largest in Metro Manila by means of population. An apartment here ranges from 20,000 to 100,000 per square meter.

Manila – an apartment in the country’s capital costs from 100,000 to 150,000 per square meter.

If you are looking for a property outside Metro Manila, here are a few in-demand cities and their property costs:

Tagaytay City center: Php 269,000 per square meter

Puerto Princesa City centre: Php 51,000 per square meter

Cebu City centre: Php 70,000 to 200,000 per square meter

Davao City center: Php 120,000 to 150,000 per square meter

               Purchasing a property in the Philippines is a good investment not just because of the economy but also because of the friendly people. Factors to be considered are property costs, location, and accessibility. Choosing a trusted real estate professional will ease up the process of property ownership.  

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