It is no surprise that the Philippine real estate is every buyer’s most preferred choice. With its growing economy, Philippines is simply one of the best places to invest. It has outgrown many nations in Asia such as Taiwan, Japan and Korea. In fact, according to Bloomberg, it has been cited the second fastest growing economy in the world, China being the first.
Let us see the terms of owning a property in the Philippines.
Land ownership in the Philippines
Although there is much interest given to the Philippines real estate market, the country does not allow foreigners to own real property. But, you could buy condo units. However, you will have to meet the condition that your ownership in a single project does not go beyond 40 percent. This is what is stated in the Condominium Act.
No foreigner can own a land that the property is built on unless he/she is a legal/natural heir to the property. Also, if a foreigner is married to a citizen of the country, then, he/she can obtain land through their spouse. Other options to own the land include a long-term lease where you can acquire the land on lease for fifty years initially or act as a shareholder of any company in the country buying a land.
If you are a former Filipino, you could own up to 1000 square meters of land in the urban area, while in the rural area, you can own only one hectare of land, given that it is exclusively for residential purposes. Also, you could regain citizenship and any property as normal citizens, without any restrictions.
Now that we’ve looked at the terms of foreign investment in the Philippines let us look at why it is the ideal place to invest in.
In the year 2014, Philippines had a population of 100 million, and it has been increasing ever since. This gave a need for the chief urban centres to undergo renewal to meet the increasing real estate demands. Since there are not many lands that can be developed in regions that are well built already, take, for example, the Metro Manila, urban renewal is expanding to other regions that were previously not very well known.
The real estate market could get a boost if foreign ownership is encouraged
Earlier, we stated the restrictions imposed on foreigners when it comes to owning land in the Philippines. With these restrictions in place, the entire worth of the real estate industry in the country is at $48 billion. But, according to reports, if the constraints on foreign investors were relaxed a bit, extending lease terms, then it could reach up to $300 billion in a while.
Long-term economic stability
The economy of Philippines has been growing, and as mentioned earlier, it is the world’s second fastest growing economy. The economic growth of the country was at 5.8 percent in the year 2015 and was predicted to increase by at least 6 percent in the coming years. Moreover, it also reported a GDP growth of 6.9 percent, beating China for the first time.
QwikWire: A cross-border payment solution provider
Although there are many restrictions on foreign investment, you should go ahead and explore the options so that you could benefit from the various opportunities in the country.
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