More and more expats are buying condominiums in the Philippines. The overflow of foreign investors and outsourcing companies that come in and out of Manila have brought a huge need for brand new condominiums in cities like Taguig and Makati. Additionally, there is a huge amount of tourists that visit the country every year.
But why are foreign home buyers so invested in buying condominiums? Here are some of the reasons behind this phenomenon.
The 60-40 rule
Foreigners can have a hard time buying land in the Philippines since the law says an expatriate can only own land if he or she has a Filipino spouse. It’s simply easier to buy condominium. According to the Philippine Condominium Act, a foreign investor may own a condominium as long as 60 percent of unit owners are Filipinos. Unlike buying land, a condo purchase is fair simpler.
Abundance
Foreigners who stay for a long time in the Philippines often live in key cities like Makati and Taguig since job opportunities are found in these areas. These cities have condominiums left and right and they are all conveniently located near business districts where entertainment and commerce come together.
Better investment
Renting seems to be a great idea for a foreigner who’s not always in the country but that’s not always the case. In fact, the benefits of buying can outweigh renting. Rental rates in areas like Fort Bonifacio can be up to PHP 250,000 a month. Buying instead of renting makes more sense for a foreigner who is planning on living in the Philippines for a couple of years.
Condominiums in the Philippines are cheaper
Condominiums in the Philippines are less expensive than their counterparts in countries like Singapore and South Korea. Real estate investors from Asia are also setting their eyes on the Philippines since Hong Kong and Singapore implemented stricter tax measures to make it difficult for investors to buy property there.
The prevailing lifestyle
Foreigners also love the impressive amenities, modern designs and township approach of the condominium developments in the Philippines. Getting the work and play utopia that they want plus the easy access to the stunning tourist destinations in the country are enough reason to buy condominium in the Philippines.
