Has anyone bought a property in the philippines?
- Thread starter eggnog
- Start date
do your own DD ...but i can give you a few hints ...
you can not own a house , you can own a condominiom (appartment)
1/2 of the condo's build is never finished , the builder leaves with the money and a 1/2 finished building.
usually its pre-pay , you pay first 100%! (or terms over 5 yrs..) and then if you are lucky you get the appartment after 3-4-5 yrs.
condo's has risen about 100% in 3-4 yrs , but they are very hard to sell as the philipinos do not have any money... you can rent out to expat bankers...
but there is a lot of corruption in the phillipines , if you have to buy .. buy from a reknownd builder who completed their buildings before...
have a look at millenia towers .. sqcheduled to be finished in 07.. cheap as chips but very small and very delayed...
go see the site for yourself .. you do not want to live in the slums ...
i actually love going to the phillipines and its a great place to be a turist...
i was even thinking of retirering there because you can have a maid for 100$ a month! .... but the pollution and stuff in manila is pretty bad.
soo this is really caveat emptor if there ever was one.
regards
GG.
you can not own a house , you can own a condominiom (appartment)
1/2 of the condo's build is never finished , the builder leaves with the money and a 1/2 finished building.
usually its pre-pay , you pay first 100%! (or terms over 5 yrs..) and then if you are lucky you get the appartment after 3-4-5 yrs.
condo's has risen about 100% in 3-4 yrs , but they are very hard to sell as the philipinos do not have any money... you can rent out to expat bankers...
but there is a lot of corruption in the phillipines , if you have to buy .. buy from a reknownd builder who completed their buildings before...
have a look at millenia towers .. sqcheduled to be finished in 07.. cheap as chips but very small and very delayed...
go see the site for yourself .. you do not want to live in the slums ...
i actually love going to the phillipines and its a great place to be a turist...
i was even thinking of retirering there because you can have a maid for 100$ a month! .... but the pollution and stuff in manila is pretty bad.
soo this is really caveat emptor if there ever was one.
regards
GG.
Thanks GordonGekko.
Would like to know why you mentioned this.
My aunt and myself are thinking about each getting a holiday house there and would like to know the full process of purchasing a property.
Not really interested in Codo's, only houses. And would only purchase in key Makati city villages (both for lifestyle, investment and risk management reasons).
Have you personally purchased properties from there?
Would like to know why you mentioned this.
My aunt and myself are thinking about each getting a holiday house there and would like to know the full process of purchasing a property.
Not really interested in Codo's, only houses. And would only purchase in key Makati city villages (both for lifestyle, investment and risk management reasons).
Have you personally purchased properties from there?
phillipino law states non citizen can not own anything but condos
and hmm holiday houses in makati? ... its the banking district! .. the place where muslim rebels go to blow up bombs and there is demonstrations every so often...
i would look just a little bit further to a great area called ortigas .. its much much better. but still only condos , i havent seen any free standing houses in these areas... been there 3 times over the last 3 yrs , if you are looking for a holiday house you should have a look at tagatay , thats a nice place ... starts from $A 100.000 - 250.000
and hmm holiday houses in makati? ... its the banking district! .. the place where muslim rebels go to blow up bombs and there is demonstrations every so often...
i would look just a little bit further to a great area called ortigas .. its much much better. but still only condos , i havent seen any free standing houses in these areas... been there 3 times over the last 3 yrs , if you are looking for a holiday house you should have a look at tagatay , thats a nice place ... starts from $A 100.000 - 250.000
I own property in Makati developer by century properties and yes it's a condo in a residential area condominiums called Salcedo village, this street is good, near offices and currently on construction due to finish 2010. Its top off already, and yes you need to know the good developers if you want to buy condo in Philippines, developers who had experience in the past and have good reputations:
Top developers in the country:
Ayala land
Megaworld
Robinsons
Century Properties
You don't normally see good houses around the city because they are often "hidden" villages if around CBD. In Makati, a nearby row of beautiful houses are hidden called FORBES PARK. You won't be able to see the houses because they have high fences and security guards around. They cost min. $100,000 I think.
VALLE VERDE, one of the good areas to have a house, again its is in the village and guard houses infront of village near Ortigas CBD. A little less than FORBES.
I suggest the area called GLOBAL CITY, taguig, a good one too for condominiums amenities nearby such as highstreet serendra, most clubs and nightlife and restaurants around. The area EASTWOOD is good one too.
If you want a house, Only one way for foreigners to buy one, if they have a Filipina wife.
OR If you consider a retirement condo/houses:
BAGUIO is on the mountain when you take North express way, old american camp turned into a city.
TAGAYTAY few hours away from city, where you see the view of Taal volcano.
BORACAY (island) lots of tourist because of white sand. Lots of developers are building here as well because of low occupancy rate specially on summer, most hotels are fully booked. Developers sell investment properties such as condotel, where you can use 30-45 days a year and when your not in the country it run as a hotel. Tagaytay do this as well, I just bought 2 bedroom loft there.
I quite liked the look of the Cameron Bird ones that were doing the rounds and I should imagine they would have done plenty of DD on what they were offering, they were $100K. They were beachfront returns 10%-15% and Aussie developments. Last year they also sent me some info on Thailand ones from $50k with 10% returns.
I still have the emails they sent to me if anyone is interested.
I still have the emails they sent to me if anyone is interested.
Tread carefully
I have lived in the Philippines for the last 7 years. Be careful when investing in property here, you need to do a lot of homework before you proceed. Common issues are projects not being completed or suffering major delays, but if you select well known developers you can avoid most of that. Some of my main concerns are:
(1) potential for capital growth is there, but the philippines are also very vulnerable and the projected growth may be much less. Economic policy is poor and GDP growth volatile.
(2) ongoing management of investment properties, maintenance is very limited and quality of building is low. Even expensive country clubs start to look pretty shabby after a few years of use! Even if developments are "run" by foreigners they suffer the same fate.
(3) the Cameron Bird investment is up north in La Union in Luzon province, projected tourist growth may come but may also not appear at all. The Philippines has great potential as a tourist destination but are poorly governed and I expect that a lot of the tourist growth in the region may well go to Cambodia, Vietnam or even Indonesia (which in latter years is much better governed)
Some other points:
you can only buy condominiums, but some developers have gotten around that by offereing villa's on very small plots with little courtyards and getting them issued with Condominium titles.
you can buy houses but then you need to setup legal structures involving Filipino (silent) partners, which is often done and is how foreign corporations own the land on which their factories are built, but you'd better use a lawyer you truly trust otherwise you may end up with nothing
if I was to invest in the Philippines I would either go for beachfront land somewhere (with all the legal hassles) or go for small condominiums in areas like Ayala Alabang, aimed at the upcoming middle class (e.g. call center workers) which can provide good rental yields and do provide some potential for capital growth. Another are to look at would be Subic Bay, with some major investments going in (semiconductor factory, shipbuilding), new highway connected to Manila and a better than average infrastructure (remnants of the US military base). Just outside Subic are some great beaches.
Erik
www.retireonproperty.org
I have lived in the Philippines for the last 7 years. Be careful when investing in property here, you need to do a lot of homework before you proceed. Common issues are projects not being completed or suffering major delays, but if you select well known developers you can avoid most of that. Some of my main concerns are:
(1) potential for capital growth is there, but the philippines are also very vulnerable and the projected growth may be much less. Economic policy is poor and GDP growth volatile.
(2) ongoing management of investment properties, maintenance is very limited and quality of building is low. Even expensive country clubs start to look pretty shabby after a few years of use! Even if developments are "run" by foreigners they suffer the same fate.
(3) the Cameron Bird investment is up north in La Union in Luzon province, projected tourist growth may come but may also not appear at all. The Philippines has great potential as a tourist destination but are poorly governed and I expect that a lot of the tourist growth in the region may well go to Cambodia, Vietnam or even Indonesia (which in latter years is much better governed)
Some other points:
you can only buy condominiums, but some developers have gotten around that by offereing villa's on very small plots with little courtyards and getting them issued with Condominium titles.
you can buy houses but then you need to setup legal structures involving Filipino (silent) partners, which is often done and is how foreign corporations own the land on which their factories are built, but you'd better use a lawyer you truly trust otherwise you may end up with nothing
if I was to invest in the Philippines I would either go for beachfront land somewhere (with all the legal hassles) or go for small condominiums in areas like Ayala Alabang, aimed at the upcoming middle class (e.g. call center workers) which can provide good rental yields and do provide some potential for capital growth. Another are to look at would be Subic Bay, with some major investments going in (semiconductor factory, shipbuilding), new highway connected to Manila and a better than average infrastructure (remnants of the US military base). Just outside Subic are some great beaches.
Erik
www.retireonproperty.org
Isn't the whole of philippines a high risk area?
Why would you want to go n live somewhere where you'll be a target?
The other days I was reading about this Ozzie bloke who was robbed and killed but maybe this was an inside job?
http://www.philippinetimes.com.au/d...&pform=&sc=1759&hn=philippinetimes&he=.com.au
I'm Filipino-Australian, lived in the Philippines for 26 years and been in Sydney for around 3 years now..
My advice, buy within the Metropolitan Manila. The chances of getting targeted by insurgents is very, very remote.
The so called "insurgents" are only active on the Mindanao area, it's one of the three major island and it's farthest from Manila. They rarely stage attacks in the Metropolitan, when they do they get to the headlines... but it's been quite relatively rare.. Metroplitan Manila has a population of 11 million, the number of people who've been victimized by insurgent attacks over the last 20 years is probablly less than 400 people..
Anywway, in the Metro there's a small business centre called Eastwood, lot's of established condos it's in Quezon City. It's not that far from Antipolo - pretty handy for a quick getaway... leasing out a property on this palce is easy, there's a good concentration of call centres on the place...
There are cheap condo builders like Citiland, but I would advise against buyin from them.. their buildings gets dilapidated quite quickly. I would recommend buying from builders like Megaworld (I personally have rented on some properties they built) or AyalaLand.
If you want something outside the busy Metropolitan, try the Laguna province...
Just remember, as you go further from the big cities, the greater the chances of coming across some renegade rebels...
Getting a house is totally different story, you will have to marry a Filipina - I probably can recommend some young and cute ones..
...kidding
My advice, buy within the Metropolitan Manila. The chances of getting targeted by insurgents is very, very remote.
The so called "insurgents" are only active on the Mindanao area, it's one of the three major island and it's farthest from Manila. They rarely stage attacks in the Metropolitan, when they do they get to the headlines... but it's been quite relatively rare.. Metroplitan Manila has a population of 11 million, the number of people who've been victimized by insurgent attacks over the last 20 years is probablly less than 400 people..
Anywway, in the Metro there's a small business centre called Eastwood, lot's of established condos it's in Quezon City. It's not that far from Antipolo - pretty handy for a quick getaway... leasing out a property on this palce is easy, there's a good concentration of call centres on the place...
There are cheap condo builders like Citiland, but I would advise against buyin from them.. their buildings gets dilapidated quite quickly. I would recommend buying from builders like Megaworld (I personally have rented on some properties they built) or AyalaLand.
If you want something outside the busy Metropolitan, try the Laguna province...
Just remember, as you go further from the big cities, the greater the chances of coming across some renegade rebels...
Getting a house is totally different story, you will have to marry a Filipina - I probably can recommend some young and cute ones..
...kidding
advice pls property in Philippines
Hi I am quite new on this - so your advice will be really good and greatful. thanks in advance.
I currently live in London 6 years now, I grew up in Philippines, I bought my first property in Makati, ayala where CBD is and located in salcedo village. It is an off plan project by century properties, a good developer soon to be compeleted by 2011. I already paid over 30% of the property. When I had my first job I thought to get a property first I thought for my own use, now I wanted to rent it out. The developer offers bank financing, their accredited bank but only for 3 years and it will surely cost me a lot comparing to what I am paying for right now of £215 every month amortization but have a balloon payment every year of £3500.
Now, I went back to University and only working 2 days a week part time while studying to pay for this condominium flat I bought. I thought to apply for a bank financing rather than paying the 100% of the property. There is only one bank accredited (because not built yet) offered by the developer, the problem is they only offer until 3 years. Developer's agents said, if I wait for the property to finish then there will be more bank available to finance my unit.
But right now I am struggling to save for my baloon payment because I am studying full time while working. If only the condo is built I could rent it out already and have the tenant pay for my bank finance and hope to get handsome profit as well. That's my target after it finishes. You see I bought the flat naively of what's gonna happen, and now it is eating every savings I have, I have then to live below my means just to pay for my flat and work more hours over the summer and university breaks. Im thinking for my next year (should be my last yr of UNI) to just do part time, so I could work more while studying on smaller subject units but this will take me another year to finish, but does not bother me anyway..
My thoughts:
- To wait till turn over and finance the remaining, but trouble is my lumpsum which is too heavy every year, I can if I work extra on summer and do part time schooling.
- Try to get a loan which is longer say 5-10 yrs, but then I cant as this is my first property, so I may rely to developer's accredited banks to help me with finance.
The Condominium is already top off though, so few more years and its turn over. They are now starting the ground finishes and interiors.
Pls advice me on this. Thanks very much!!
Hi I am quite new on this - so your advice will be really good and greatful. thanks in advance.
I currently live in London 6 years now, I grew up in Philippines, I bought my first property in Makati, ayala where CBD is and located in salcedo village. It is an off plan project by century properties, a good developer soon to be compeleted by 2011. I already paid over 30% of the property. When I had my first job I thought to get a property first I thought for my own use, now I wanted to rent it out. The developer offers bank financing, their accredited bank but only for 3 years and it will surely cost me a lot comparing to what I am paying for right now of £215 every month amortization but have a balloon payment every year of £3500.
Now, I went back to University and only working 2 days a week part time while studying to pay for this condominium flat I bought. I thought to apply for a bank financing rather than paying the 100% of the property. There is only one bank accredited (because not built yet) offered by the developer, the problem is they only offer until 3 years. Developer's agents said, if I wait for the property to finish then there will be more bank available to finance my unit.
But right now I am struggling to save for my baloon payment because I am studying full time while working. If only the condo is built I could rent it out already and have the tenant pay for my bank finance and hope to get handsome profit as well. That's my target after it finishes. You see I bought the flat naively of what's gonna happen, and now it is eating every savings I have, I have then to live below my means just to pay for my flat and work more hours over the summer and university breaks. Im thinking for my next year (should be my last yr of UNI) to just do part time, so I could work more while studying on smaller subject units but this will take me another year to finish, but does not bother me anyway..
My thoughts:
- To wait till turn over and finance the remaining, but trouble is my lumpsum which is too heavy every year, I can if I work extra on summer and do part time schooling.
- Try to get a loan which is longer say 5-10 yrs, but then I cant as this is my first property, so I may rely to developer's accredited banks to help me with finance.
The Condominium is already top off though, so few more years and its turn over. They are now starting the ground finishes and interiors.
Pls advice me on this. Thanks very much!!
Hi Sparky23,
Thanks for replying, I tried but one of the requirments - to have the title of the condo itself, which I do not have as the condo is not yet finish till 2011. This is suppose to be my first property, so I do not have any collateral to get the financing.
Unless, I wait for condo to finish and use developer's other option for bank financing or save money to finish the payment. As this is my first property, probably one of best thing to do it to finish pay then borrow using my first IP to buy my next IP? Thinking for the second one not a Offplan anymore, as i takes a while for return. I keep on taking out mone from my pocket..
But the thing is to save and thinking just to do part time at university so I can work more. I do buy and sell online though for added income..
Thanks for replying, I tried but one of the requirments - to have the title of the condo itself, which I do not have as the condo is not yet finish till 2011. This is suppose to be my first property, so I do not have any collateral to get the financing.
Unless, I wait for condo to finish and use developer's other option for bank financing or save money to finish the payment. As this is my first property, probably one of best thing to do it to finish pay then borrow using my first IP to buy my next IP? Thinking for the second one not a Offplan anymore, as i takes a while for return. I keep on taking out mone from my pocket..
But the thing is to save and thinking just to do part time at university so I can work more. I do buy and sell online though for added income..
"Love you long time".
Get it right BV
Thats Vietnam, not the Phillipines.
http://www.youtube.com/watch?v=G7EPWSsr1Lg
Dave
