Are Condos a Good Idea?

Is it a good idea to buy a condo in the Philippines? If so, how can one hedge oneself from losing out?

A very good question ?? Am interested also !!

A lot of variables but like anywhere buy low and sell high.

Only if your thinking long term and depends where in the Philippines.Generally not easy to sell. Renting out is an option but rent only to companies. And only buy from developers that manage the building after the sale permanently.

How can one rent to companies?

Either thru agency or do the canvassing yourself, talk to the HR departments.

Andy don't buy a rabbit hutch apartment go for quality finish, with amenities, swimming pool, gym and club house.Make suRe there is adequate parking or even buy a parking space.

I am looking for rental property for months at the moment in puerto princesa city. Does anyone know any good place or can give me some advice on it. I am too confused as I can't find much online.

Unfortunately, there are no comprehensive rental websites in the Philippines, and even worse are the Realtor web sites.  What web sites you find are all confusing with same property listed multiple times and listings not updated for example.  Again there is no comprehensive MLS type website and extremely poor built-in search engines with what websites you may find...

Hi! For me, condos are great idea but it depends if you're gonna live on it or is it for investment?
1. If you're gonna live in the condo, choose the one that suits all your needs such as a fitness gym, nearby restaurant or mall maybe, a pool, a playground for the kids, a pet friendly one, etc. A condo is very ideal for starting families, retirement, or people who are always travelling (perhaps expats too) because you can easily turn off your electricity meter and lock your door without worrying about the security and maintenance of your home.
2. It's always a good idea to invest in real properties because Philippine economy is growing. Real Estate especially land always increases in value every year! It never depreciates. Tip: make sure you get buy condo from a trusted real estate developer that always deliver customer expectations. Check if they bought the land (perpetual ownership) so eventually you also own a part of the land aside from the condo unit you own. Some condominiums are renting the land thus the issue that after 50 years the unit will not be yours. The maximum length of lease in the Philippinea is 50 years so make sure it's Perpetual Ownership / land is bought by the developer too.
Hope that helps! Have a good day.

Tam...   good question:      do not buy...  ::::

1.  the Philippine 'condo sales pitch' is borderline 'fraud'.   Meaning, first of all, you are buying 'air space' not really a building or access/land ownership.   
2.  Secondly, your GF or spouse and their family 'own it' in truth, not you.  While you can have your name on some papers, the native spouse has control.

In another forum question from someone:  "About BUILDING a home in the Philippines"  I gave an extensive breakdown of the costs, both real and 'commercial 10x overpricing' and the means for buying/building sensibly.   Check that out, it's extensive, first hand and accurate right down to the financial numbers.

So to save you time;;;.. here are some basics:

a.  ask yourself, have you 'lived' in the Philippines for 2 or more years yet?   If not, don't rush into buying 'anything' that is only 'semi-permanent'.   
b.  a wise option is to rent a house or high-rise; and with permission, 'decorating it as if it's your permanent home'.  Financially speaking, there is NO good sense or wisdom in buying, least and decorate with exit terms.   Some concrete 2 and 3 story homes; the owners WILL allow you to sign annual lease, and decorate as you wish with no problems.  Just remember, once attached to the house, it's no longer yours to take with you (avoid problems, leave it behind).
c.  a few (very very few) expats 'have' purchased land in 'certain' provinces, to start ranches, retreat businesses, and the like.   These are 'very rare' and to date; 'zero' have reported profit and ownership retention after 10 years.    On this site, 3 of them with under 5 years 'in country with ownership' are still in their own 'development stages'.   So please, don't count on it for yourself.

NOW some 'happier projections' in the 10-17 year timeframe of the future:

Philippine laws for 'JVFE' (joint venture foreign enterprises) within the Philippines changes both with every 'change of the government' and with 'swings in economic alignments' with other nations.

.so... the current ' hate American ' attitudes will one day change, very likely.   The elite Filipino classes have yet to 'catch on' to the fact that this past spring, when the World courts ruled in favor of the Philippines 'rights to waterways and islands' currently under Communist China military control... the current Pres. reverses it.  Once resources are 'ocean drilled' and the losses to the people mount; then the sentiment from pro Beijing and anti Westerns; will swing.

..therefore, there will be a future 'window' of great opportunity....when 'land ownership rights' for foreigners, who do NOT have a Filipino spouse, will be 'permitted' and with a slightly stiff set of fees, clear permanent titles will be afforded non-nationals on a limited bases.

FOR THIS reason, I strongly advise you 'lease only' in 1 year terms with first right of refusal to renew annually, with exit terms...  a house or condo as you wish...

and... after 3-5 years, watch administrations, policies, laws and therefore title declarations change in favor of 'limited whole foreign ownership' with clear titles.

For those unfamiliar with changing laws and policies.. I'll share a few 'likely' terms when these changes take place:

1.  ownership of 'limited amounts of land' and 'single dwelling homes' will be permitted to non-nationals.
2.  there will be a 'stiff' closing cost, permit, certs and so on, required. 
3.  one key rule will be the 'requirement' of the present owner to 'release or sell' the property ONLY to a Filipino native born national, should they decide to 'sell' their property.  This means that ownership will 'NOT' pass on to any family or estates what so ever.  Upon death, the property reverts back to 'state ownership' of the province in the Philippines for which it is located; who can then 'sell' the property.   ((there 'may' be a very limited window to 'sell' the property before death or post-mortem, but this is unlikely))
4.  This may come with very limited licensing of a foreign owned/operated business on the land or building premises bought and owned with clear title.  This area, I'll not go into until someone asks later.
5.  A good news to all this, is the 'clear title to the non-national', can not be 'seized upon or assumed upon' by any future Filipino spouse, family or others.  This is a minor 'incentive' that cancels out the rather notable 'stiff titling charges' for which there will be 5 or more to get final title.
6.  Property taxes; this issue is 'likely' to be a part of the new legislation policy once 'foreign limited sole ownership' is passed.   in this area, a foreigner will pay 'slightly higher taxes', due the 11th month prior to each anniversary in full.   Partial taxes will come with penalties, and if taxes are not paid for 3 consecutive years, the property/title will 'end' and be liquidated back to the local government (provincial).
7.  there will be limits on both 'ligation' and 'negotiations', if any allowed at all.

... our point:   lease or rent.. do NOT buy... wait until you live there 3 or more years, and wait a while longer for 'the above policy' to be introduced and enacted.   It will be a 'hassle' but for the wise who jump upon the opportunity... a great new world of 'clear foreign title' to a house or parcel.

Now a side word to expats looking for a 'cheap good life AND house ownership titles'...  Cuba has been working with 'mega corporations' for over 2 years now, making deals and re-negotiating ...  one has to really watch the corporate news on cuba to realize this.   SO....  it is VERY likely that in 2-7 years (depending on delays to public offerings by US corporations who want most of the deals)... Cuba will allow under certain terms 'foreign title ownership' of again, house and small parcels or possibly a farm/ranch/orchard plot(s).   
.... honestly, while the west island inlet area is promising; who'd want the financial risks with the ongoing weather patterns?   (( although the black-tobacco area gets less of it ))

May you let the Lord bless you and yours!

Condos are good to buy now because a lot of them are for sale.  If you can buy one at the lowest price and use it as primary residence or you can rent it out (or AirBnB it), you're already ahead.  And, if you're a foreigner, condo unit is the only allowed property you can own in the Phil.

I'm a Filipino-American New York based.  If you're interested, my family there is selling an Eastwood City Condo with 2 bedroom + 2 full bathroom and parking space included.

Since this is our own family property, we're selling it as a 'direct seller'.  The price is Php 5,990,000 and it's advertised in this website.  If your not familiar with Eastwood City, Quezon City (I think I'm not allowed to put a website link here), please Google it.

It's like a City within a City where you can work, live, play and not even have to go out of the Complex for everyday life's needs.  Almost everything are in the Complex like a shopping mall, supermarket, gym, 7Eleven, restaurants, banks, repair shops (except for cars) and lots more.

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Actually, this was not a question whether someone had a condo for sale. There are huge numbers of ads. I was asking if it was a good idea ( for a non citizen as it is an expat forum). Apparently, not so at this point; and I was suggested to lease/rent and look which way the wind blows.

Any business in the Philippines is risky at best. Property "ownership" by a foreigner most definitely falls into this category.

Yes, fortune favors the bold, not the foolhardy. I think it is a better idea to lease and buy only if you have a kid. And even then, if one has a kid, it's better to buy him/her a house and lot.

I am in the process of buying a condo which currently is under construction as part of a high rise complex in Cebu City.  I am planning to live there on a full time basis in a couple of years' time. 

I have been in PI on eight occasions over the past 12 years, so I have a reasonable idea of what to expect from the people and the environment. 

Having said that, I would not recommend that anybody should move to the PI without first hand experience of living in the islands.  Even though the islands have a lot to offer, it can be a super culture shock to the unprepared (depending on your background).

If you have a half Filipino kid the real estate would go to the kid anyway.

What I can recommend about buying condo is to buy the condo NOT under construction, but after the condo is finished so you know what you buy. It could be more expensive, but is better. We had so bad experience. The condo you see as 'show condo' will be different than the condo you will get. In time you face this problem, as foreigner you have only 2 options: 1. You will redo all their work all over again 2. Get an attorney so you can cancel your deal. Attorney is not cheap there (have my experiences in other cases). Remember, you fight against BIG COMPANY there who build those condos with big capital. I decided for option 1 since we are not living in Cebu. I spent almost 2 months in redoing  the condo, only a 24sqm Studio condo! Must control every few days whether 'my contractor' was doing good job or not. They always promised you, but seldom kept. Believe me, so rare to find someone you can trust and rely on, all about money only. If you are staying in Cebu and will buy the condo there, it might be less problem, not like us. We must stay in hotel or place close to the condo to control the redoing inside the condo. I bought the condo that time because I visited Philippines twice a year and  liked to reduce headache looking for room via or airbnb.

An idea's effectiveness depends on its gestation period. In an emerging market context, one has to think about what the catalysts to the upside will be. Be it FDI liberalisation kicking off in 2018 or federalization slated for 2022, one also considers the growing middle income segment of the nation. Due to the cyclical nature of the system, there will be various opportunities to enter, though as the old saying goes.. The early bird gets the worm.

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