Cost of agricultural land

I enquired in that area about 2 years ago and the seller wanted 8000 per m2. I told him I wanted just the land and not a house with it.

 

You just have to find a motivated seller.

 

Considerations and thoughts not yet addressed.
.A large lot, say 5000 sq mtr, is almost always cheaper per square meter than a small lot, say 500 sq mtr. A hectare, only a few km's from Valencia, could have been gotten four years ago for P400 per..., who knows what it is now....
.If the agr land has been in that family for centuries, might be non-negotiable, unless the family is broke and needs cash...
.A one owner lot is easier than 7 owners, some of whom are dead or missing, be prepared with a good lawyer if you are sure you want to tackle it... Inspect the deed before you even consider an offer.. Never do a deal unless you get a deed transfer, anything else is lunacy, like throwing cash out the window...
.If a tenant is on the land or farming the land, you need to deal before you buy. Your lawyer can arrange with the seller to buy him out, or get everything in writing before you close, notarized..
.Be prepared for the seller to want cash, (like millions), so close at your bank....Anybody, especially a foreigner, buying land without a local lawyer, strikes me as lunacy and WAY too risky... "Penny wise, pound foolish."
.Does the lot come with access, owned, concrete ???
.Smart move is to have the lot surveyed before you offer. To skip this is again, "penny wise, pound foolish."
.AND, of course, location, location, location. Concrete road access; distance from town, nearest NPA camp, overlooking, nearest rooster farm, dog pack, karaoke club, etc etc etc.

 

Agree completely.

 

I have also been watching the local land asking prices rise to the sky and yes its pretty disconcerting that now more sellers are asking (or demanding) for cash. Makes me think they are preparing to get out of town the second they get their hands on it.

 

I think "Cash is King" because nothing else can be trusted.

In fact, with ever-increasing regulations world-wide on banks and other stores of assets, it seems that keeping cash is the most sensible idea (as our boss, Mr CH, has said in the past). I spend most of my time these days trying to get hold of my own money from banks and other institutions in my home country and struggling because I have no permanent address there - there is no need for KYC or any other form of compliance checking if you hold your money in cash (and they can't seize it when they find they so messed up the economies that they need to 'haircut' (steal) deposits overnight from banks as they did in Cyprus and Greece in 2008/2009).

 

Couple more points on buying land, particularly if outside the town areas.. Consider issues regarding right-of-way, electricity, water, bad roads, back taxes paid, schools (if applicable), in addition to title issues already addressed. and of course karaoke.

 

Don't forget dealing only with a Deed of Sale (no title), siblings of the seller and inheritance, and the need for a subdivision plan to get a title if buying a portion of a larger property. It doesn't get much better than in the Phils.

 

My wife and her sister have been checking into and paying any taxes due on family land. One less hassle in the future.