⌛ House Prices

House prices not really going down in Philippines like what happened in USA and some countries in Europe.
You can still buy properties if you like even if you are not a filipino some legal agreement has to be done , you just look some of the posts here about that, where the filipina lost the power.You can still have a control of the properties.

 

I don't know where you are getting your information, but it is false. It is against the Philippine constitution for a foriegner to control land in any way shape or form other than a lease. The lawmakers have covered every loop hole in this regard. Even with a good lease there is no 100% guarantee for the forienger.

You name me one "legal agreement" other than a lease from someone not your wife which gives a friegner control and I will point you to the relevant part of the law that will dispute it.

Larry

 

Daffs, not sure about Dumaguete (suspect prices have at best - been stable) but they are going down everywhere. Luzon is seeing some real damage.....Makati condos are dropping quickly (personally if I had one that was still 'off the plan' I'd be very very worried)...Tagaytay and other areas near Manila are definitely coming off the boil and houses are available for 'at building cost' or less. Cebu and the rest of the Visayas are only a couple months behind. I hear a lot of what is going in Bacolod - and none of it is good. Dumaguete might, but I personally doubt it, be saved by the large proportion of expat interest...but I see that there is quite a lot of houses and lots on the market now...Good luck to sellers. OFW's have put their wallets away....and expats are having a rethink...while the locals are increasingly terrified off what is happening...I wouldn't be surprised if prices of good houses in the Philippine haven't dropped by a third - by the end of this year...

 

not Dumaguete, it may take another 10-40 years untill they realize... actual case:
nice huge property and house 40K rent/month 12 Mio to buy(totally overpriced, but each morning a smart "investor" wakes up) is empty since over a year as the owners reject a family which offered 37k/moth cash for 8 month....

since a year now gardener and housekeeper living there with part of the family ( what basically means they f... the place up) and the owners need to pay them AND the renovation for the damage what is done... ( kids painting walls with permanent marker, moskitosafe windows are broken and and and...

but guess what... price is still the same

8x 37.000 = 296.000 lost
12x 3000 = 36.000 (gardener would be paid by guys renting it ) lost
12x 3000 = 36.000 ( maid, see above) lost

+ damage and renovation I can't judge but it cant be a place like 1 year ago for several reasons...

welcome to Domaguete...

but again, each morning a guy wakes up who still would take it, just a matter of time untill the owner runs over one...
how much do people pay for a square meter in Dauin and Valencia?

 

Sorry,maybe just so broad the word "control" I used.Control what I mean not really that you have the full ownership when it comes to land, that's already involve of lease( you are right ) .I'm also stating properties(i'm also not so specific of it ) means also condo or house.That's why I said some legal agreement has to be done ,that at least you can have a "control" (means still have a rights). I said that because some men bought house and lot or any other things fully in the name of the wife.Then a non filipino husband have no control on it, means the wife can sell it whenever she like and can kick you out from the house when she like when the marriage is not going anymore .That's why I said, there is a "legal agreement has to be done" that you as a husband can still have a control on it than fully no rights at all.

But I knew that, this leasing of land from your filipina wife is also controversial, because you can only do it when there is a prenup agreement .On that way you can validly hold a long term lease from your wife.But I knew somebody who leased land from the filipina wife without the prenup agreement ( the atty. just did it) if it's legal or not.I don't know.

 

I said that, because some of my friends eyeing properties in Philippines now .Because they think Philippines will be affected like some other countries that price of properties really going down ..So far the price of properties we saw there still the same( expensive, overpriced) and some even going up than 4 years ago.But if you have more infos. about this, that is very interesting.

 

Thank you, now I understand that we foreigner can own the house but not the land .This is nonsense and complicated law.Why should I have to own a house and the land is not mind.

 

The illegality of foreign ownership is one of the reasons why the Philippine real estate market is seemingly buffered in certain areas, probably like Dumanguete. Give it time, and it will come down just like everywhere else. People are losing a lot of money, and nothing can really take the place of a tourist industry when there are no tourists, right?

The litmus test will be the big draws like Boracay, Palawan, et al. See how they do this year and next. My MIL bought a just started condo unit in a tower in greenhills about 3 years ago. The real estate people have now demanded the full upfront price, and they are having to short sell it, as they cannot come up with all of it now, since the down turn. It wont be done for another 6 months, and they cant retire yet, or stop working right now, so they are letting it go. many, many others are doing the same thing. Look for some great deals coming up in the next couple of years.

Just my opinion.

 

Not so sure about that. The primary investers if they own the land will be counting on short memories and holding out until they have your last peso. Maybe a briefcase of cash and the threat of walking away with it can change some minds but you have to determine the properties true worth before you negotiate anything but getting the information you need is usually not an easy thing to get a hold of.

 

Go to the assessor’s office...

If you go to the local provincial land assessor’s office. Which you will have to do after you buy anyway instead go before you buy then you can get the information on value of the land and ownership. This is something I didn’t do and wish I had. I wasn’t cheated in price but there was some issues involving ownership and who was holding the mother title. Which everything has been cleared up but it has taken years to get it done.. Hope this helped