Investing in Real Estate in the Philippines?
How is the real estate market in the Philippines? I know that a lot of Balikbayans are Baby Boomers now and are looking to retire. They can't afford to retire in the US, Canada, Australia, ect, because its too expensive. However, the Philippines is a lot cheaper for them to buy a place and retire. So I am wondering if it is worth it to invest in the Philippines real estate. Also, I want to know if a lot of new condos in Global City, Makati, Ayala, Alabang are selling? Are people buying all these properties or are they just empty homes?
Public Comments
- For us the ans is yes. The properties are all inmy wife's name which doesn't bother me a bit. I retired here to Iloilo city in 2002. My subdivision lots have all gone up by at least 20% a year for the past 3 years and I see them going nowhere but up. My wife is not a US Citizen so she cannot collect my SS or pension when I die. To me real iestate is by far the best way to invest money here. Those condo's are selling and at a premium price. One of the reasons I think is because foreigners here cannot own any property only condo's.
- At the present time until the Philippines changes their Constitution only Filipino citizens can own real property. Other than Filipino citizens can own a home (the structure) just can not own the property that structure is constructed on. You can lease the land for fifty years. Foreigners from other countries, outside the Philippines can own a condo, a town house under cetrtain conditions and other dwellings in accordance with Phillippines law. The best bet to learn more about this is go to this web site: www.livinginthephilippines.com/ and also join the groups forum at http://groups.yahoo.com/group/LivingInThePhilippines3/join I am an American married to a filipina. My wife and I own an upper scale condo. Go here www.ricexpats.com and carefully explore all of the many different URL and hyper-links. Much can be learned about the Philippines, and way of life. Tons of great info, many videos and photos. if you take the time you will see links to other condos Gobal City is in the Fort Bonifical area, a fairly newly developed area and very promising. Lots of new condos Feel free to contact me. My email is at my web site.
- There are many foreigners living on Bohol , some are buying large properties and sub-dividing . They seem to be doing well in this endeavor . We just bought two lots and a friend of ours bought two adjoining lots . Many of the sub-divisions in and around Cebu and Mactan have houses that just sit vacant for long periods . I personally feel that land is a great investment as the population grows it will only grow in value
- you can try also in tagaytay,nice place,no pollution and good climate,house & lot or lot only,you can e mail me
- With the struggling job market in the Philippines, buying property and expecting to sell later to locals to make a profit may be difficult. Unless of course your target market is focused in international clients. Many baby boomers are not necessarily looking to make a profit in real estate but are preparing to establish a comfortable retirement. That means having and living in large and fully paid property(s) with no debts and very affordable daily expenses. While some supplement their living by also owning and running one or more businesses to continue to earn an income. With the high prices of homes in the U.S. and less yearly salary increases, paying off a home while you're still alive can be difficult to impossible as prices for other daily necessities continue to climb due to inflation. Social Security and Medicare benefits in the U.S. are predicted to fall in a crisis in the next 10 - 20 years as the prices for health care fees will rise even more with less money in the pot to provide support for everyone. As the value of the dollar drops against the value of the Philippine peso, many Filipinos see this as the best opportunity to buy land or homes now before the value of the dollar loses an even higher significant amount of value as the Philippines economy continues to improve. Hope this helps!
