Philippine Real Estate: Retire now in Paradise
Philippine real estate is a little bit different from the concept where you are from. One of the first and foremost important aspects to point out about the Philippine real estate that as a foreigner, you are not allowed to any! Now with that said, you are allowed to purchase certain condos in which no more than 40% of the units in that development are allowed to be owned by foreign nationals. Then you also have the option of getting a 25yearlease in which you are allowed to build and own the home on that leased land, but you can own the home only.
One of the best parts about the Philippines is the low cost to build a home. However, the cost of land is fairly high with the space equivalent of a single acre costing more than $1 million in some places; especially those in the upper-class subdivisions. On the other hand, in the Philippines you do not need that much space because if you will notice when you do your research on Philippine real estate, the concept here is to build up and not out. It is not uncommon to see some of the nicer homes with an elevator included costing less than $100,000.
Furthermore, if you are choosing to retire in the Philippines and get married, you may just be better off putting the home completely in your Filipinas’ name. However you choose to do it, you will find that when you take the time to look for Philippine real estate, you will find some excellent deals.
You don’t need an acre of land inside the city and if you do want a big house you can build upwards. 5 Stories tall; no problems, just don’t forget the elevator! You have to keep in mind that the reason prices on Philippine land are so high is because there is no more available and with a population of more than 90 million and growing every year here in a space land area wise smaller than that of the average U.S. state, you can see why.
All you need to do is to keep your eyes open for a good deal and they do come along quite often. When you find some good Philippine real estate available you need to pick it up if you can because the only place the value of the land is going to go is up. Keep in mind that the Philippines is hot and if you want to purchase Philippine real estate, look to the mountains. All of the Philippines is made of coral and volcanic islands and what this means is that there is always going to be some high altitude Philippine real estate available. The breezes you get up in the mountains are well worth the price you will have to pay for the Philippine real estate.
No matter how you look at it though, coming to the Philippines is an excellent choice and it only takes a single visit to simply fall in love with spending the rest of your life here.
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