Date Posted: 2012-09-03 08:19:10
Site Posted: Myproperty.ph
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A property search in the Philippines is not going to be difficult as there are many methods that can be used. Online or offline, there will be leads that can bring any expat to something he may consider buying. However, it is important to remember that foreigners in this country can only buy condominium units, houses or structures but not land itself. Leasing is an option, but ownership is only possible when the foreigner marries a Filipino, or owns a corporation with a stake not more than 40%. In any case, there are many ways to search for properties across the archipelago.
To make such searches easier, the Internet can become a very useful tool. There are properties that are advertised on websites maintained by developers themselves, and there are those that can be found on national or international aggregate selling sites such as Sulit, Tipidsale and OLX. At the same time, there are sites that are focused on selling properties in specific locations in the country, such as DavaoSale for properties in Davao City.
Personal referrals are another good way to find properties in the Philippines. People who can give the best referrals would probably be expats who have purchased or leased properties in the past, and know some real estate agents who have given them good service. While it is possible to buy a property without an agent, hiring one can be a huge help as the professional service can offer varied options to buyers.
Property developers normally set up stalls in malls and other commercial establishments, so these places may be good to check out as well. Real estate agents are the ones who man these stalls, and they can be a very good source of information for anyone looking for a nice property to purchase. Again, it would be helpful for a potential buyer to actually talk to a real estate agent, although one should practice caution when choosing which agent to hire. There are those who will give honest-to-goodness service for a fair commission, while others are just out to make money without real concern for their clients’ interest. It may also be noted that finding a property that suits one’s budget will depend a lot on location. For example, according to Colliers International, the average price of a luxury 3-bedroom condominium in central Makati is around Php114,000 or USD 2,727.53 per square meter. Properties in less developed regions of the country will cost way less than this, sometimes by up to 75%.
According to the Philippine Bureau of Immigration, there has been an increasing number of expatriates noted in the country over recent years. The BI actually recorded 3.5 million entries in 2011 alone, although this includes tourists or those who are not necessarily planning to relocate here permanently. This may be attributed to various reasons, including the no-frills banking system that makes it easy to send money or transfer money abroad, the high purchasing power of many foreign currencies or simply the warm attitude of locals towards foreigners, among others.
(cover image by brainloc)
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