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Buying Condo Cebu City

I plan to move to Cebu City in the next year, so I'm looking at buying a Condo in the city. Any advice on things to look out for when making a real estate purchase in Phil? Or is the process pretty much same as here in USA? I appreciate any advice on the subject or where you can direct me to find more information.

MissionHopeCebu :

I plan to move to Cebu City in the next year, so I'm looking at buying a Condo in the city. Any advice on things to look out for when making a real estate purchase in Phil? Or is the process pretty much same as here in USA? I appreciate any advice on the subject or where you can direct me to find more information.

Ask how much the ongoing management/association fees etc are.  And how much they have changed each year in the past.

The wording of Buying "Real Estate" in the Philippines throws up warnings, as Real estate is "property consisting of land and the buildings on it"

Foreigners normally cannot buy land.  We can give someone money to buy the land, so we can build a house on it, but the land is never ours.

A Condo is of course different, as long as it is titled correctly, so that a foreigner can be legally allowed to buy a long term lease for it.  The entire Condo block must be at least 60% Filipino owned.

You can read the Condominium Act at: http://www.lawphil.net/statutes/repacts … _1966.html

Thank you for the information. I have visited Cebu many times over the past few years and it seems that buying a Condo would be more wise than paying someone rent, as I know for sure that's where I want to live. Or maybe just best to keep the money in the bank and rent. Thx!

MissionHopeCebu :

Thank you for the information. I have visited Cebu many times over the past few years and it seems that buying a Condo would be more wise than paying someone rent, as I know for sure that's where I want to live. Or maybe just best to keep the money in the bank and rent. Thx!

I would rent the place for a few months, before buying it, just in case you decide after a few months that you don't like the specific area.

Good advice. Ive read that on many forums here. Thx

Moderated by Christine 2 years ago
Reason : promoting your services freely on the forum is not allowed.
We invite you to read the forum code of conduct

How much the condo in cebu cost?

Be careful - Filippinos are not good neighbours - unfriendly, messy and noisy so you need expat neighbours.

I know of many expats who moved into new condos and found the neighbours putting their trash in the hallways.

Also the building standards (particularly the plumbing) are awful and the quality of the fittings and fixtures (if there in fact are any) is the cheapest available

Finally the items included in the price are minimal so reserve money to cover the cost of A/C, kitchen appliances and upgrades and storage

Good luck

First to rent is definitely a very good idea.
The usual "love affair" with the Philippines (which is starting new fresh each visit, so prior vacation counts do not count as time) last about 8 months to a year and then "reality" kicks in. (That is the same in every place one moves too, it is kind of a psychological rule of thumb, but hard to explain)
Some of course hate it right away. Or are influenced by other haters.(And still hang around, which puzzles me often, lol)

But it is a good idea to wait out this period and then decide for a final place to stay or buy. It is not easy or even impossible to sell or rent out a condo (profitable or even "break even") if one dislikes it.
Which makes renting easier. Actually you could place an "Wanted for rent" Ad here and in other forums concerning Cebu and you get bulks of PN with offers.
Then you can check them out on your next visit.

2.) Condos are NOT cheap here. It is because of the fact, that building materials are more expensive than US or other places and labour is unfortunately also not really cheaper. (yes, Payrate is low, but one needs much more workers, a study of an Asian Shipbuilding here had a ratio of 14:1 comparing to Japan or Korea)

3.)Why investing your money in a foreign country ? Be smart and use the protective laws of your home :
So you may buy a good condo or other project in Fl.,Ca.,Tx. or wherevere (if cheap right now, consult Banks or other info sources) and then invest the US Rental collected for the rental of a house here.
(I never understood why expats sold their houses and condos and then tried to get the same abroad...)

Thank you for the advice.  I'm currently looking at a middle class community and the unit would be top floor on the end to hopefully minimize some of these issues. Fortunately there is a special right now fully furnished with kitchen.

You will need to watch the flood of "free" help being offered by local filipinos.  I will post the following from another blog that was on a related topic last year. 

First review the laws related to ownership and understand the TCT vs CCT.   

Next, search and review RA9646, Article I, Sec 3 on terms and who it shows as the natural persons authorized by title, to offer RE services: 
a. "Appraiser",
b. "Assessor",
e. "Real estate developer", and
g. "Real estate service practitioners" (as being "a duly registered & licensed" natural person, as follows:
1. Real estate consultant,
2. Real estate appraiser,
3. Real estate assessor,
4. Real estate broker
5. Real estate salesperson.*
*No examination given for sales persons but they must be accredited by the RE Board.

There will be many Filipino "agents" offering services here in this blog or elsewhere.  Make sure you also ready Article IV, Sec 27, which states:

"Any single act or transaction embraced within the provisions of Section 3(g) hereof, as performed by real service practitioner, shall constitute an act of engaging in the practice of real estate services."

Article IV, Sec 29 "Prohibition Against the Unauthorized Practice of Real Estate Service", states:

"No person shall practice or offer to practice real estate service in the Philippines or offer himself/herself as a real estate service practitioner, or use the title, word, letter, figure or any sign tending to convey the impression that one is a real estate service practitioner, or advertise or indicate in any manner whatsoever that one is qualified to practice the profession,"

Now with the above info absorbed, AVOID the self-serving persons contacting you to offer services, continue to review the other advice given here by expats, be careful and move with clarity, as you search for the condo or townhouse you want.

i trust rasenta... the broker is my friend.. better trust a LICENSED broker (not just an agent) and who is also accredited to the developer of the condo of your choice.. should you have further questions, you may send me a private message. :)

MissionHopeCebu :

I plan to move to Cebu City in the next year, so I'm looking at buying a Condo in the city. Any advice on things to look out for when making a real estate purchase in Phil? Or is the process pretty much same as here in USA? I appreciate any advice on the subject or where you can direct me to find more information.

petehuk :

Be careful - Filippinos are not good neighbours - unfriendly, messy and noisy so you need expat neighbours.

They are good if you like Karaoke at all hours, and lots of noise and movement ;)

I've chosen a quiet location, but have to pay a higher rental price for that comfort :)

Still get some occasional noise, but not as bad as other cheaper areas that I tried.

Moderated by Maximilien 2 years ago
Reason : avoid auto promotion or free advertising pls

Hi, I am in Belgium, I have a little place in Cebu now for my yearly vacation... I rather say that; see it first, not unless you have someone you can trust....

Don't trust Indian, afghanistan they are monters in out there!!!! Peace!!!

Moderated by Bhavna 2 years ago
Reason : No publicity on the forum please. Drop an advert in the Housing in Cebu section section

Great information!  Thank you

Moderated by Bhavna 2 years ago
Reason : Please avoid posting your contact details on the forum.No publicity on the forum
We invite you to read the forum code of conduct

Have you put the details on the housing section http://www.expat.com/en/housing/asia/philippines/cebu/
so we can all go and have a look.
There are about 12 places in Cebu already listed there to be looked at.

As mush info as possible gives a better chance to be looked at.  I for one, never look at something unless a price and size of property is quoted.

Moderated by Bhavna 2 years ago
Reason : Any kind of publicity is not allowed on the forum + You already have an advert in the Housing section.
We invite you to read the forum code of conduct
Moderated by Bhavna 2 years ago
Reason : Quote removed + Please avoid promoting your services on the forum.

Hi!

Here are a few points that could give you an idea about owning a property in the Philippines.

-Although foreigners cannot own land in the Philippines, they can purchase units in condominium buildings, so long as foreign ownership in a single project will not exceed 40 percent.
-If married to a Filipino, the foreigner can buy land provided the title will be in his or her spouse’s name. In the event of their spouse’s death, the foreigner becomes the natural heir and may do any one of the following: dispose of the property within a reasonable amount of time and collect the proceeds; pass the ownership to their children or legal heirs; or in case the couple is childless, turn over the ownership to the Filipino spouse’s relatives.
-Foreigners may lease land for up to 50 years and renew the lease for another 25 years. If you want a beachfront property in Boracay, Palawan, or some other spectacular island in the country rather than a condominium in Metro Manila or Cebu, this may be your best option. You can legally own the house or building that you built on the land you are renting.
-Noncitizens may own land through corporations that are at least 60 percent Filipino-owned. Many foreigners partner with Filipinos to form a corporation, with the former enjoying a maximum of 40 percent of the shares. Through this route, foreigners may acquire land, condominiums, residential houses and lots, and commercial buildings.
-Former natural-born Filipino citizens may acquire land but with limits. The law prescribes that natural-born -Filipinos who have acquired foreign citizenship may own up to 1,000 sqm of residential urban land or 1 hectare of residential rural land.

Thank you for the reply and detailed information.

Important Aspects for Foreigners buying property in Philippines

1.Foreigners cannot own land in Philippines
2.Corporation that are at least 60% Filipino- own are allowed to buy land in Philippines
3.Foreigners can purchase condominium units in Philippines.
4.A foreigners who is legal or natural heir may acquire property through hereditary succession.
5.Purchase property by natural-born filipinos who have already acquired foreign citizenship shall be subject to the limitation prescribe by law.
6.Foreigners or  foreign corporation investing in Philippines are allowed to lease land in long term lease.
7.Foreigners may legally own a house or a building as long as the land on which  house or the building not own by a foreigner.

or you can also get a PRA for more assurance  of your investment in Philippines.
[Moderated]

Moderated by Bhavna 2 years ago
Reason : Removal of contact infos
We invite you to read the forum code of conduct

Hello everyone,

@CebuAnn123, please do not promote your services on the forum, it is strictly forbidden.

As a professional, you may give free advices on the forum however, you can not promote your services.

You may freely register in the directory so that members can browse through the section if they need the services of a professional.

Link here : Real estate in Cebu

All the best,
Bhavna

CebuAnn123 :

Important Aspects for Foreigners buying property in Philippines

1.Foreigners cannot own land in Philippines
2.Corporation that are at least 60% Filipino- own are allowed to buy land in Philippines
3.Foreigners can purchase condominium units in Philippines.
4.A foreigners who is legal or natural heir may acquire property through hereditary succession.
5.Purchase property by natural-born filipinos who have already acquired foreign citizenship shall be subject to the limitation prescribe by law.
6.Foreigners or  foreign corporation investing in Philippines are allowed to lease land in long term lease.
7.Foreigners may legally own a house or a building as long as the land on which  house or the building not own by a foreigner.

or you can also get a PRA for more assurance  of your investment in Philippines.
[Moderated]

TO AVOID MISLEADING INFO, here are my comments accdg. to numbers assigned:
1. with some exceptions, ask a lawyer or research it for urself;
2. please refer to nationalised industries. not all are 60% though its the general rule;
3. even condo has 60-40 limitation (in aggregate ownership)
4. testate or intestate
5. agree
6. there is actually a limit of years and renewable only upto limited no. of years.
7. subject also to terms provided by law.

:)

first asks if there is a miscellaneous fees. this is normally called hidden charges and paid after all the equity payments are finished.

second, ask for the monthly dues and who will be managing the condo.

lastly, location ;) for security reasons ;)


MissionHopeCebu :

I plan to move to Cebu City in the next year, so I'm looking at buying a Condo in the city. Any advice on things to look out for when making a real estate purchase in Phil? Or is the process pretty much same as here in USA? I appreciate any advice on the subject or where you can direct me to find more information.

Just came across this thread. Are you still planning on buying a condo in Cebu or have you already? I'm asking because I have a 3 bedroom condo in Cebu South Road Properties for Sale. It's near the new SM SEASIDE MALL. Fully furnished with air-conditioning. Look up amalfi condo Cebu on YouTube. Believe me I know the headaches in buying a condo in Cebu. There's the price of the condo plus fees and more fees. Then required fire insurance. We payed an interior decorator $10,000. That's not including the air conditioning and furniture.

Thank you for reply. I purchase at Bamboo Bay. Thank you. Frank

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