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Real estate giant Megaworld Corporation lists down tips every Filipino national working abroad should know when purchasing a property in the Philippines.
Global Filipinos or overseas Filipino professionals (OFP) are the unseen workforce that is a key factor in driving the Philippines’ economic progress.
One of the most common reasons these individuals brave the unfamiliarity of foreign countries is their desire for a more financially secure life for themselves and their family. With this, it is no surprise that a majority of them opt to invest in their home country, either for renting or leasing, or settling back in the Philippines in the future. Having been out of the country for a while, OFP may have gotten a bit out of the loop on real estate business.
We listed down some tips for OFPs who intend to invest in a property in the Philippines.
1. Know exactly why you want to invest in a property
OFPs purchase properties for several reasons: either they want to have it rented out for additional income, to acquire it for their loved ones, or eventually live in it if they intend to move back to the country.
These reasons should be clarified in the initial phase of the buying process to rule out the important things the buyers have to factor in in their decisions. These factors dictate what type of property to purchase, budget, the property’s location, etc. Knowing what you want gives you less room for error, and may even save you precious time and money.
2. Choose a reputable developer
With the business of real estate booming now more than ever, one factor that is non-negotiable is the developer’s reputation. Make sure you know about your prospective developer’s background and its track record, to check the quality of its previous projects, and know the process you have to go through with the transactions. It also helps to look at its website as you will be able to evaluate the transparency of its development projects.
One of the most reliable real estate developers in the Philippines is Megaworld Corporation. Leading the real estate business with numerous awards, esteemed recognition, and 15 large-scale urban townships under its belt, Megaworld has not only been touted as one of the most trustworthy real estate companies, but is also known for its high-quality projects across the country. Investor confidence is highly valued and mirrored through this company’s background, and it is highly accommodating for its clients.
3. Choosing a trustworthy real estate broker is as important
Another bane you should be careful about in transactions are individuals who pass themselves off as legitimate real estate brokers. Buyers fall into this trap since most of the time, these con brokers promise tempting deals that are too good to be true. It is good to search feedback on brokerage firms or to simply ask about recommendations for reliable, licensed real estate brokers (the best people to ask are those whom you also trust, too). Do your research well; in all investments, it is better to get all the information you can about whom you are dealing with.
4. If another person is transacting on your behalf, make sure they are trustworthy
As you may have noticed, the importance of trust in the parties involved is recapitulated over and over. Buying a property, especially when you are abroad, is a sensitive transaction and you must proceed with utter caution. Make sure the people whom you entrust your money with are responsible enough to find out the financial and legal aspects of transacting in real estate, in which case, a trusted relative or a close friend can be your best options.
5. Above all, choose the right property to invest in
At the end of the day, it is all about the property you will invest in that matters. Your asset-to-be should address all of your objectives and purposes, but you should also be on the lookout for highly profitable and livable areas so that your hard-earned investments achieve their full potential.
Besides the Philippine real estate industry currently being on a growth trajectory, valuation of the property is important. In the Philippines, Makati remains the most viable and preferred choice among real estate investors due to the assurance of high return. According to CBRE Philippines in 2014, it was estimated that over the next five years, rental levels of high-end condos in the city will increase by 1 to 4.5 percent every one or two years. There is evidently a strong residential and commercial market demand in the area due to its prime location.
Makati is the most developed city in the Philippines, where residents enjoy more organized (accessibility, security, health, and overall quality management) systems and benefits than other parts of the country. It covers all business and lifestyle needs, bringing together over 60,000 retail and commercial establishments, embassies, consulates, hospitals, schools, and the headquarters of the top 40 percent local and multinational companies in the country. With the city’s constant improvements, Makati is a wise choice for real estate investments.
One of Megaworld’s noted condos in the Makati CBD is Three Central. Situated in Salcedo Village, Three Central is an impressive 50-story tower that boasts modern sleek design rendered in light blue glass. It features a stylish lobby with high ceilings, pre-furnished units (available in one-bedroom, two-bedroom, and an executive studio), and a selection of topnotch amenities located on the condo’s seventh floor. The condo will also be home to the first and only upscale two-story podium mall in Salcedo Village.
Megaworld Corp. is one of the Philippines’ largest property developers. It has an unprecedented track record of completing more than 250 residential buildings, office towers, commercial centers, and world-class hotels since 1994. The company began pursuing priority projects in Makati City, building high-rise condominium towers starting in both Legaspi and Salcedo Villages, now expanding to the other areas located minutes away from the central business district.
