A lot is being said about real estate in the Philippines. There are different impressions toward the matter that interested parties might get lost on which to believe and which to reject as truth. But in the midst of all these information about Philippine real estate, it is somehow ideal to discuss some undeniable facts about the matter.
First and foremost, real estate in the Philippines is expensive. Denying it would do nothing good. Interested buyers should understand that buying a property in the country requires lots of money. The value of the land could be different from the value of the house erected or to be erected on it. Collectively, it would amount cheaper somehow; but it cannot be denied that it would still cost a lot – especially if it is located in a very strategic place.
Secondly, the laws implemented directing to the industry of real estate Philippines has are applicable to Filipinos only. This is a good thing, of course, since the government is prioritizing its locals; but for some foreigners who wish to own a piece of land in the country, it would be very difficult.
The Philippine Constitution provides that real estate could only be registered under the name of a non-Filipino under the following circumstances:
a)The property in the Philippines was inherited by the foreigner from a legitimate Filipino parent or ancestors, or from Filipino spouses;
b)The foreigner is a former Filipino and he/she acquired the real estate in the Philippines before relinquishing his/her nationality;
c)The foreigner is a former natural-born Filipino and is now covered by the Foreign Investments Act in the Philippines;
d)The foreigner and his/her Filipino spouse has conjugal properties; this way, the real estate in the Philippines owned by the legitimate Filipino citizen can be owned by the foreigner too;
e)The foreigner has acquired a property in the Philippines before the 1935 Constitution was revised.
Real estate in the Philippines is expensive and is difficult to acquire (particularly for foreigners); but the most important truth about owning a property in Philippines is the fact that it is definitely worth it. In the country, real estate is, by far, one of the best forms of investment. Its value increases with time, thereby positing advantages to the owners.
The industry of real estate Philippines has is varied. Properties could come in form of house and lot, condominiums, or commercial buildings. And again, it could be expensive and difficult to purchase; but it will surely be worth it. If interested in buying real estate in the Philippines, find a good developer whom you can trust.
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