The Philippines is a strong competitor in the global property race. As a culturally rich country that balances agriculture and urbanization, the property market attracts both local and international investors. Because of the strong and steady growth of the economy, as well as the country’s young demographic, real estate is impressively progressing as the fourth best investment prospect in the Asia Pacific for commercial and residential properties.
The strengthening business process outsourcing (BPO) industry greatly contributes as a major driver of real estate developments in the country. Because the majority are able to speak fluent English, the Philippines has become a favorite BPO and information technology destination. Many business are headquartered in megacities like Metro Manila, Metro Cebu, and Metro Davao, and the influx of investors has resulted in many commercial properties for sale.
These areas are also considered as ultimate lifestyle locations where major retail establishments, top educational institutions, and world-class healthcare facilities are located. Migration to these metropoles are in millions with people coming from the neighboring provinces and from all over the world. This has resulted in a greater demand for housing.
While a house and lot for sale is still easily available in the market, major developers, such as Ayala Land Inc., SM Land Inc., and Megaworld Corporation, and Robinsons Land Corporation have been making huge investments in high-rises. A condo for sale has increasingly become the preference for young professionals and starting families.
The best ownership opportunities are not only limited to the big cities, however. The Philippines is developing as a whole, and more places are turning into lucrative locations. A lot for sale in Cavite, Laguna, Batangas, Rizal, Bulacan, Pampanga, Tarlac, Bohol, Iloilo, and Palawan is increasing in value and becoming more and more profitable. Many have actually already been turned into residential and commercial developments.
Be it for personal or business purposes, purchasing property always involves much thought not only because it costs a lot of money, but also because of its potential towards a return on investments. The terms of your purchase will vary depending on whether you are buying from a developer or from an individual owner.
It is of crucial importance to ensure the authenticity and legality of the Certificate of Title and other related documents. You would not want to buy a property that has accumulated nuisances from unpaid mortgages. Always begin your negotiations by validating the legitimacy of the owner to avoid cases of fraud. To fool-proof your purchase from scams, ask for a copy of the Tax Declaration Documents, and validate your ownership at the Register of Deeds.
Buying from a developer will require you to check whether or not the mother title of the property is available. For pre-sold properties, the mother title would most likely be unavailable as the development is yet to be constructed. It would be wise to selecting a credible developer based on reputation and the success of past projects. It would be best to find a licensed broker from whom you could inquire about any concerns you may have, as well as a lawyer who could explain to you legal matters enclosed within your purchase.