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Philippines Real Estate -- Cebu Philippines Real Estate
Batangas Beach Lot
Philippines Real Estate, Cebu Real Estate and how to buy it can be a challenge for foreigners. It doesn't need to be.Finding Philippines real estate for sale may seem complicated but it doesn't need to be. Many are looking for real estate in Cebu. Others look in other parts of the country. The best way to get a great deal is to be educated. When I was 30 I worked for a large national corporation by the name of 7-Eeleven Food Stores. I was hired to be a regional development manage in the Pacific Northwest. I relocated to Spokane where I was assigned, Washington State, Idaho, Montana, Oregon, Alaska. It was my job to market research towns and cities and locate new stores there. My company was entering Asia with Country Franchises and the Philippines was one of the first countries we looked at. I did the research and decided that it was an important country to be in and recommended to the company that we open new stores there. Today there are over 360 7-Eleven stores mostly in the Metro Manila area. At that time, Philippines Real Estate for sale in the Philippines was already a challenge but prices were low. That story does not make me a expert in Philippines Real Estate. But Josie and I have been able to own property in Batangas and know the process. Philippines Real Estate is not my specialty. Many of the people who visit our site ask us what we know about it. My career background in the United States has always beeen real estate in one form or another. I began in a small town in Northern Pennsylvania when I was 28 years old. I was extremely successful with 7-Eleven and was eventually promoted To Division Real Estate Manager and relocated to Seattle. It was there that I was assigned to market research the Philippines. Here is an article by a real estate a professional in Cebu that best explains how foreigners can own real estate in the Philippines. It does a much better job at telling the story. Ways foreigners can own real estate in PhilippinesJohn Smith, a natural born US citizen of American descent, is thinking of retiring in the Philippines and wants to buy a house and lot in Cebu. Can Smith and other foreigners like him acquire real property in the Philippines? Generally, no, said Cesar E. Santos, a licensed realtor, appraiser, and consultant. Santos conducted a whole-day review for our class one Saturday last May on the possible questions to expect during the real estate licensure examination. The Philippine Constitution, starting with the 1935 enactment, strictly limits ownership of land to Filipinos. There are, however, certain exceptions to this rule, Santos added. Foreigners like Smith and their legal heirs retain rights to real property in the Philippines that is acquired before the effectivily of the 1935 Constitution. Hence, property bought by an American or any foreign national before 1935, when no prohibition was in effect, remains in his or her possession. In case of death, the foreign national’s heirs continue to have ownership rights over the property. The second exception, therefore, is hereditary succession. Also, Smith may purchase a condominium unit or units provided that the total controlling interest of foreigners in the condominium project does not exceed 40 percent. Condominium owners have exclusive rights over the space “encompassed by the walls, ceilings, and floors” of their units but are only co-owners of the common areas, such as the hallways, lobbies, entrances and exits, and parking bays. For acquisition of real property by former natural born Filipino citizens, a different law applies. More on that in later posts.
More About Philippines Real Estate I’ve recently done a review of the online real estate websites for the Philippines and I’ve noticed a few things. First of all, the number of sites have increased offering the surfer a chance to take a look at the locations they are interested in. I remember years ago trying to find information on Palawan real estate because on my visit there I was blown away by its natural beauty. Now there are a few sites listing inexpensive properties as low as 200,000 pesos but the question is reliability. One site explained that some of the properties were “tax declared”. This means that the properties do not have an official title but can be bought and sold with some degree of risk. According to this particular site’s owner, it’s because Palawan has only been settled in mass numbers recently and much of the land has not been surveyed and divided. For a former Filipino, a dual national or a local, I think the risk is worthwhile since an official
real state title might be acquired later. A foreigner with no local connections may have problems obtaining or keeping Philippines real estate. I would always recommend going personally, meeting with the realtor and inspecting the property. You might even want to talk to someone at city hall. Real estate in Cebu Philippines market has been booming. There are a lot of new subdivisions being developed by reputable companies. There are themed subdivisions now such as Kishanta being developed by AboitizLand, which is a well known company in the area. This is an upscale subdivision with lots starting from 1,200,000 pesos. I’ve seen condominiums in Cebu advertised starting from $100,000 USD. This is what you are going to find in a place like Cebu unless you go local. Believe it or not there are actually residential homes for sale in regular neighborhoods at reasonable prices. Go to a local real estate agent and inquire about local properties not subdivisions. I’ll never forget the American guy I met in the supermarket in Cebu’s SM mall 10 years ago. He told me that he lived in Danao, a suburb of Cebu. He had a full sized house built out of wood by local carpenters for $16,000, including the land. He told me it was a thing to see, splitting trees with axes, working without heavy machines. This can still be done today if you are willing to go local. Going local is the key to saving money. Some guys I met who were there strictly to find Philippines real estate deals were trying to use purchase techniques to buy land like they used to do in the United States. Like using owner contract agreements, etc. I can tell you it doesn't work in the Philippines. It's not too late by any means to find good deals almost anywhere. The Philippines real estate market is not unlike the rest if the world in that it has up's and down's. I think that the tide has turned and there will be a short window of opportunity now because of the global melt down in real estate values and prices do to the United States mortgage situation. I kept running into one resource and decided to buy it. It's called the Philippines Real Estate Property Primer by Perry Gamsby. Perry wrote this to me last week:
"While living in the Philippines I have seen so many people get burnt with property. I saw many of the same mistakes being made time and time again and decided there is really a need for a book written in simple English that will guide people on how to safely purchase, rent or lease property in the Philippines. Philippines Property Primer is such a guide and the latest in a range of books on various topics of interest to non-Filipinos that visit or live in the Philippines. My books on the Philippines are not like any other book on Filipinas you will find! Why? I am a professional writer and often I am writing about topics I do not have first hand knowledge of so I need to research it and take a 101 on the subject myself. What makes Philippines Property
Primer special is that I am writing from my heart about something I have lived
through everyday for three years. Wishing you Every Success whether you are just starting out looking for Philippines Real Estate or more advanced. Warm Regards, Perry" Like I said earlier, I am no expert
when it comes to real estate in the Philippines, but Perry has great information
and his book is exactly what I wished I had used years ago. If you are serious
about owning real property in the Philippines then you should learn more about
it.
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