Re: Condo or Flat in the philippines

Is it a good investment to buy a condo ?
Are foreigners allowed to buy a condo or Flat ?

as a foreigner you cant buy land in this country , but your filippino wife can, if you trust so much..Buying a condo or flat is also complicated. That' only my humble opinion.

According to the Condominium Act of the Philippines, (R.A. 4726), "foreigners can acquire condominium units

http://hlurb.gov.ph/wp-content/uploads/ … A_4726.pdf

it does mntion foriengners at any time

i disagree with that,the only way that can happen if hes willing to but more than 75000 usd in land then the law is waived.Who has 75k usd???

Can buy Flat or a Condo
But can not buy a piece of land.

You can own a condo here in the Philippines. AS to any real estate investment, you need to consider location, location, location.The amount of rental you can demand and the kind of people who will rent, as against your monthly expenses to maintain it. If you can have a nett of P10,000 or more, that is a sweet deal!

Pinaymentor

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Hi guys!

I’m planning to work in Makati from next April and I will need to rent an apartment.
As I was looking for apartments, I saw a “rent to own” add... do you know anything about it? Is it legit? Has anyone rented an apartment under these terms?

GabDen :

Hi guys!

I’m planning to work in Makati from next April and I will need to rent an apartment.
As I was looking for apartments, I saw a “rent to own” add... do you know anything about it? Is it legit? Has anyone rented an apartment under these terms?

Once again you cannot own property in the Philippines as a non-citizen.  Rent to own is legitimit and used by locals, pay the rent and eventually you own the property,

I would hate to see the interest rate that applies to a "Rent to Own"  I and my GF have never looked into it.

Rent to own is a real estate ' come on' line.   There is no cheap way to own a condo here in the Philippines, than anywhere in the world.   And yes, you can get into some new condo developments with very little  or no money down with low monthly  payments, but watch for the huge 'balloon' payments due in the terms of the purchase.  At that time when these payments are due,  you might be forced to walk away from your 'investment' ! 
The real estate sales person may say that you could remortgage at that time.... but really?
At least in Makati, condo prices have remained steady or declined slightly in the last year.  There is lots of new apartment construction going on in Makati.  That, as well as the political climate, is keeping prices in check.

As a further note, Rent (in my opinion) is your safest option.  There are many units available anywhere in Makati.. Unfortunately, there is not a good comprehensive online rental site here in the Philippines.

Thank you all for your answers! Very helpful!
As you said Bob18, there are no comprehensive real estate websites.

Can any of you recommend a company to rent a condo / apartment / flat?

Find the unit you want and rent from the owner. Beware of agents selling 13th floor condos in 12 story buildings.

Depending on your budget you can avail the services of property management companies like CBRE, Santos Knight Frank, etc. They usually have vast listings.

Spending money in the Philippines.?   There is no shortage of Filipinos ready to help you part with it.

Hi! To answer your questions, yes! Foreigners can legally own a residence here in the Philippines.The Philippine Condominium Act specifies that foreigners can own condominium units, as long as 60 percent of the units in the building are owned by Filipinos. And it is a very good investment! There's this condominium located in Taft Avenue, Manila, the Torre Lorenzo. My office mate lives there, we work in a BPO company along Taft,  and you can also target students because it is located near universities and colleges. You might want to visit their site. Torre Lorenzo Development Corporation Hope this can help :)

There is a Facebook page here in Davao where those wanting to rent house and apartments advertise

Davao City Home and Apartment rental on facebook

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