PHILIPPINE REAL ESTATE
A new unfurnished 2 bedroom apartment can be had for $60-$140usd per month. If you want it furnished the price climbs to $300usd. A concrete 2 bedroom house ranges from $80 local price up to $2,000 for a large house on the hill with a swimming pool. Nice condos can be rented for between $300 - $1,300. Hotels cost between $10 up to Hiltons $100+ depending on your taste and budget.
As a foreigner you cannot own Real Estate in the Philippines. For many men the temptation of owning a Beachfront mansion for the price of an average house back home is too much and they pay for it and sign over the deed to their new wife. That is a much safer bet than our first house ownership turned out. But why do it? You can rent a house for reasonably close to the interest return you would get at a bank with your money. I once asked my Life Insurance agent (also my good friend), how much life insurance I should provide for my wife should I die? When he recommended a smaller amount than I had anticipated, I asked if perhaps I should provide more. His recommendation was that I should always remain worth more alive than dead. We all want to be missed when we die and this is one area we have some degree of control over. Plus do we really want the mailman to enjoy the fruits of our labors when we go? That said there are options such as 2 consecutive 25 year leases on property you pay for in the name of a Filipino, leaving you with control of the property for 50 years.
Acquiring a land and later on build your ideal house is everybody’s dream. However, if you are a foreigner, by law you are not allowed to acquire a land in the Philippines. A foreigner may own a land in any of the following below:
On the other hand, a foreigner can own condominium units you may own 100% of the unit but not more than 40% of the whole condo project. Foreigners owning a house or building in the Philippines is legal as long as the foreigner does not own the land on which the house is build. In addition, there are also pension houses available that give a comfortable and relaxing accommodation. And most of the pension houses give affordable rates.
|Lapu-lapu / Mactan|
|Mandaue / Consolacion / Lilo-an|
|PHILIPPINE REAL ESTATE AGENCY|