Because of the country’s undeniable beauty, great climate, inexpensive cost of living, and warm people, the Philippines has also become an investment target for many expatriates looking to purchase a retirement or investment property.In a survey from 2016, the Philippines is one of the top 10 countries that expats feel comfortable living in based on social life and integrating with the locals.
Although foreigners are not allowed to own land in the Philippines, there are few ways in which they can invest in the local real estate. Here are some tips that expats need to know if they want to buy or rent a property in the Philippines.
Research The Location First
Find out what location suits your needs. There are several of expat-populated areas in the Philippines that are popular for various reasons. Angeles City and Subic in Pampanga are former US military installations that managed to retain the rules and ambiance of the American lifestyle. Meanwhile, urban jungles such as Makati and Taguig are known for embracing diversity.
Know The Rules
There are a few laws and rules that expats need to abide if they want to invest in real estate. Marrying a Filipino and having your spouse buy a property can help you own the land. Read this article to learn more about the laws and rules when investing on a property in the Philippines.
Find Property Online
If you’re not in the Philippines, you can look at properties online to find the one you want. Online real estate portals like Dot Property Philippines can help you see pictures of properties and contact the seller right away.
Consult With An Expert
Real estate brokers and property consultants can provide a helping hand. These experts know the ins-and-outs of property investment in the Philippines and can help you make the right choice. Seek the expertise of those who are on top of the game like Chavez Property Realtor. Libra Prime is a property consultant that specializes in commercial and residential property investment. For more information, visit their social media.
Hire A Lawyer
Of course, everything will need to be done legally. Consult an attorney for queries about land title, notarized documents and other legalizations attached when investing in the Philippines.
Consider Every Option
Don’t rush into things. Carefully assess all your options. Check the condition of the property, the neighborhood, and the lifestyle before agreeing to buy a condo unit in the Philippines.
