Buying Real Estate in the Philippines

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  • #4888
    Anonymous
    Guest

    What is the Philippines economy like?

    • The Philippines economy has grown at a rate of 4.4% in 2008 and expected to grow at a rate of 4.0% in 2009 (Economist Intelligence Unit)

    • High government expenditure and large remittances from abroad are projected to drive the Philippine economy.

    • Stable currency.

    • Higher production in the agriculture and manufacturing sectors.

    • A surplus in the Balance of Payments.

    • Low debt ratios.

    • Rising disposable income.

    • Rising consumer expenditure.

    • Reducing unemployment.

    Is Cebu and the Philippines going to be seriously affected by the global economic slowdown?

    The Philippine economy is well positioned to weather the global economic slowdown whose effect on the property market is likely to be subdued because the economy is expected to remain resilient due to significant reforms in fiscal and banking sectors, build-up of reserves, low debt ratios, an increase in government spending, resilient external sector, a surplus in the Balance of Payment, large remittances, channeling of remittances into investments especially housing, resilient domestic financial markets, adequately capitalised banking system, low exposure to sub-prime related distressed credit products and increasing saving ratios.

    What are the Philippines main attractions?

    Warm all year round weather, a rich culture, friendly fun-loving population, stunning landscapes and beaches, warm clear waters with colourful coral reefs and marine life and a large number of facilities and attractions make the Philippines an extremely desirable destination for tourism and development.

    Is the Philippines expensive?

    The Philippines offers extremely good value for money to travelers. The cost of living is well below European countries such as the UK. Here a few examples:

    • Average apartment electricity bill from $20 to 40 / month

    • Average apartment water bill $3 to 5/ month

    • Average landline phone $10 to 15/ month

    • Meat $3 to 4/kg

    • Poultry $2/ kg

    • Fish $2 to 3 / kg

    • Vegetables $0.75 to 1.50/ kg

    • Average salary for a maid is US$40 to 45 /month

    • Average salary for a driver US$90 to 100/ month

    How safe is the Philippines?

    On the whole the Philippines is a safe country to visit, but you should take precautions. Things to look out for are street crime, which has begun to grow in the larger more tourist filled areas, particularly pick pockets. You should keep valuables out of sight and be careful not to walk around with large amounts of cash. You should also avoid walking through dark or deserted places at night.

    There is a conflict with rebels and the government but this is confined to remote areas in the south of the country.

    Are there any hazards that I need to be aware of when I travel to the Philippines?

    The Philippines can be struck by natural disasters like typhoons, earthquakes, floods, landslides and volcanic eruptions, but they are no more than in many other countries in this part of the world. Travellers need to keep out of the typhoon season from October to December.

    Is the Philippines easily accessible?

    Certainly, there are frequent low cost flights from all major cities in the world.

    Do I need a visa to travel?

    European and US national are allowed to enter the Philippines without visas for a stay not exceeding 21 days, provided they hold valid tickets for their return journey.

    Can foreigners own property the Philippines?

    Ownership laws in the Philippines does not allow foreigners to own land, but allows the ownership of apartments in high-rise buildings as long as the foreign proportion in a apartment block does not exceed 40%.

    Foreigners can buy a house but not the land on which it is built. A long lease on the land of up to 50 years which is renewable for another 25 years is usually arranged.

    Can I buy a property without physically travelling to the Philippines?

    Yes, as long as you deal with reputable developers and agents and have a lawyer that represents you, then there is no reason why you shouldn’t buy a property without travelling if this is what you want to do.

    Are there any advantages in buying off plan?

    Buying off plan in one of the newly built developments offers exceptional value and is the best option for foreign buyers for the following reasons:

    • It allows the buyer to pay in small installments.

    • New roads and the infrastructure of the development are already in place.

    • The new developments are built to modern international standards.

    • A very good selection of units is available to suit all tastes and budgets.

    • The properties offer excellent potential for capital appreciation especially as the construction work progresses.

    • There are usually no restrictions on selling the unit before completion.

    • Clean title deeds and easier property registration.

    • Growth of the real estate market, price increases and project completion means that investors in new developments will indeed greatly benefit from substantial capital appreciation by the time their property gets ready.

    Is buying property in the Philippines a good investment?

    The Philippines real estate market has excellent potential as:

    • The stability of the property market in The Philippines is closely linked the stability of its economy which is currently expanding at a sustainable rate.

    • Warm all year climate with excellent rental potential throughout the year.

    • High demand from domestic and international investors.

    • Prices are still very reasonable and much lower than prices in similar economies.

    • High yields and excellent capital appreciation potential.

    • Strong demand from 11 million Filipinos living abroad.

    • High infrastructure expenditure.

    • Good accessibility and low cost flights.

    • Thriving tourism with the number of tourist increasing rapidly further driving demand for real estate.

    • A wide and distinctive range of luxurious developments in outstanding locations.

    Which areas are good to invest in?

    The islands of Boracay and Mactan present excellent investment opportunities because of their accessibility, beautiful beaches, stunning landscape, luxurious resorts and a wide a range of facilities and activities.

    Can I rent my Philippine property when I don’t need to use it?

    Certainly, booming tourism and strong all year round rental demand offer investors the opportunity to rent out the property for excellent yields.

    #4532
    Anonymous
    Guest

    What is the Philippines economy like?

    • The Philippines economy has grown at a rate of 4.4% in 2008 and expected to grow at a rate of 4.0% in 2009 (Economist Intelligence Unit)

    • High government expenditure and large remittances from abroad are projected to drive the Philippine economy.

    • Stable currency.

    • Higher production in the agriculture and manufacturing sectors.

    • A surplus in the Balance of Payments.

    • Low debt ratios.

    • Rising disposable income.

    • Rising consumer expenditure.

    • Reducing unemployment.

    Is Cebu and the Philippines going to be seriously affected by the global economic slowdown?

    The Philippine economy is well positioned to weather the global economic slowdown whose effect on the property market is likely to be subdued because the economy is expected to remain resilient due to significant reforms in fiscal and banking sectors, build-up of reserves, low debt ratios, an increase in government spending, resilient external sector, a surplus in the Balance of Payment, large remittances, channeling of remittances into investments especially housing, resilient domestic financial markets, adequately capitalised banking system, low exposure to sub-prime related distressed credit products and increasing saving ratios.

    What are the Philippines main attractions?

    Warm all year round weather, a rich culture, friendly fun-loving population, stunning landscapes and beaches, warm clear waters with colourful coral reefs and marine life and a large number of facilities and attractions make the Philippines an extremely desirable destination for tourism and development.

    Is the Philippines expensive?

    The Philippines offers extremely good value for money to travelers. The cost of living is well below European countries such as the UK. Here a few examples:

    • Average apartment electricity bill from $20 to 40 / month

    • Average apartment water bill $3 to 5/ month

    • Average landline phone $10 to 15/ month

    • Meat $3 to 4/kg

    • Poultry $2/ kg

    • Fish $2 to 3 / kg

    • Vegetables $0.75 to 1.50/ kg

    • Average salary for a maid is US$40 to 45 /month

    • Average salary for a driver US$90 to 100/ month

    How safe is the Philippines?

    On the whole the Philippines is a safe country to visit, but you should take precautions. Things to look out for are street crime, which has begun to grow in the larger more tourist filled areas, particularly pick pockets. You should keep valuables out of sight and be careful not to walk around with large amounts of cash. You should also avoid walking through dark or deserted places at night.

    There is a conflict with rebels and the government but this is confined to remote areas in the south of the country.

    Are there any hazards that I need to be aware of when I travel to the Philippines?

    The Philippines can be struck by natural disasters like typhoons, earthquakes, floods, landslides and volcanic eruptions, but they are no more than in many other countries in this part of the world. Travellers need to keep out of the typhoon season from October to December.

    Is the Philippines easily accessible?

    Certainly, there are frequent low cost flights from all major cities in the world.

    Do I need a visa to travel?

    European and US national are allowed to enter the Philippines without visas for a stay not exceeding 21 days, provided they hold valid tickets for their return journey.

    Can foreigners own property the Philippines?

    Ownership laws in the Philippines does not allow foreigners to own land, but allows the ownership of apartments in high-rise buildings as long as the foreign proportion in a apartment block does not exceed 40%.

    Foreigners can buy a house but not the land on which it is built. A long lease on the land of up to 50 years which is renewable for another 25 years is usually arranged.

    Can I buy a property without physically travelling to the Philippines?

    Yes, as long as you deal with reputable developers and agents and have a lawyer that represents you, then there is no reason why you shouldn’t buy a property without travelling if this is what you want to do.

    Are there any advantages in buying off plan?

    Buying off plan in one of the newly built developments offers exceptional value and is the best option for foreign buyers for the following reasons:

    • It allows the buyer to pay in small installments.

    • New roads and the infrastructure of the development are already in place.

    • The new developments are built to modern international standards.

    • A very good selection of units is available to suit all tastes and budgets.

    • The properties offer excellent potential for capital appreciation especially as the construction work progresses.

    • There are usually no restrictions on selling the unit before completion.

    • Clean title deeds and easier property registration.

    • Growth of the real estate market, price increases and project completion means that investors in new developments will indeed greatly benefit from substantial capital appreciation by the time their property gets ready.

    Is buying property in the Philippines a good investment?

    The Philippines real estate market has excellent potential as:

    • The stability of the property market in The Philippines is closely linked the stability of its economy which is currently expanding at a sustainable rate.

    • Warm all year climate with excellent rental potential throughout the year.

    • High demand from domestic and international investors.

    • Prices are still very reasonable and much lower than prices in similar economies.

    • High yields and excellent capital appreciation potential.

    • Strong demand from 11 million Filipinos living abroad.

    • High infrastructure expenditure.

    • Good accessibility and low cost flights.

    • Thriving tourism with the number of tourist increasing rapidly further driving demand for real estate.

    • A wide and distinctive range of luxurious developments in outstanding locations.

    Which areas are good to invest in?

    The islands of Boracay and Mactan present excellent investment opportunities because of their accessibility, beautiful beaches, stunning landscape, luxurious resorts and a wide a range of facilities and activities.

    Can I rent my Philippine property when I don’t need to use it?

    Certainly, booming tourism and strong all year round rental demand offer investors the opportunity to rent out the property for excellent yields.

    #5597
    Anonymous
    Guest

    Hi, i might be moving to shanghai in near future (possibly permanent) but the past experience of my visit to china had made me in a trouble of making decision. Could any expats share their experience of staying in china (blend in the culture etc)?

    #5598
    Anonymous
    Guest
    #5599
    Anonymous
    Guest

    Once you have become totally dumb and lost all your senses, come to China.. you’ll blend into the Chinese culture beautifully, seamlessly.

    #5600
    Anonymous
    Guest

    Your enjoyment will be 100% dependent on the attitude you bring. Positive people find happiness in their lives no matter the location. Just don’t spend any length of time in a Chinese bank and your life will be fine.

    #5601
    Anonymous
    Guest

    In defence of Chinese banking, as long as you don’t expect too much it’s pretty ok. The charges are low/ free, I get a text every time my account is used, and the ICBC near me speak English and have a brick of $100 so if I ever want cash for a SE Asian holiday I get $500 with no appointment just sign some forms, takes 15 mins.

    There are loads of ATM around open 24 hour that always take Union Pay and there’s never any issue withdrawing 2-3000 kuai anywhere I’ve visited. Occasionally there’s a 2 kuai charge if I use a BoC machine. In the UK my Chinese card charges are lower than using my Visa in China.

    #5602
    Anonymous
    Guest

    It’s not the actual process or systems of the average Chinese bank that drives me loopy but the 20 minute wait for each customer nitwit in front of you.

    If there’s 3 or 4 numbers ahead of you, you can count on at least an hour waiting time as these idiots do whatever it is they do.

    Sometimes I just want to go up and shake them and scream “WHAT THE F*** IS IT YOU’RE DOING?”

    #5603
    Anonymous
    Guest

    It’s not just banks. I’m constantly shocked by how slooooow Chinese people are. You can be in line at McDonald’s or Starbucks for 10 minutes with a bunch of locals and even still when they get to the front of the line it still takes them 5 times as long as a foreigner to complete the transaction – and they speak the bloody language fluently. It’s like they don’t even look at the menu or decide what they want until they are actually at the register.

    Maybe it’s all a power trip and they like making the people behind them wait.

    Other time-management skills and behaviours I don’t understand:

    In a line of traffic, as soon as the light turns green everyone starts blasting their horn BUT the car in front always takes a few extra seconds to get going.

    Pushing and rushing to get to an escalator so they can just stand there.

    Walking briskly through crowded areas with their mobile phone held up to their face so can they watch their crappy dramas and scattering the people in front of them like bowling pins.

    Shoving onto a crowded metro car before people can get off – then cursing and getting upset when people push back to get off the train. My one fight in China occurred when I was forced to push through a surging crowd trying to get on the metro in order to get off. One local tough took offense and tried took a swing at me and I ended up having to pin him on the subway platform with about 400 locals watching.

    So, OP – in short, while the behavior of the locals is improving, it is still deplorable by international standards. If you live in China for an extended period and then visit a much poorer third world country like Myanmar or Cambodia you will be shocked at how better behaved people are.

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