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Gaijin Gigolo
02-10-12, 17:20
SO then. I've landed a job (not in the Philippines but nearby) that will afford me the opportunity to invest in some property. Being that the Philippines, and particularly Cebu, is where I see myself ending up long term if I ever manage to retire, I'm looking to buy a condo in either Cebu City, Lapu Lapu or elsewhere on Mactan Island. My new job will allow me a lot of three day weekends too, which I plan to spend as many as possible in that area. Any thoughts on buying a condo in that area? Or any suggestions for a more practical purchase elsewhere in the Phils? I'll be traveling from the north (HKG) so I've thought about buying in the Angeles area too. Not too keen on living in Manila though, even part time. Any thoughts are welcome, thanks in advance.

GG

ManonsanBoy
02-11-12, 01:09
SO then. I've landed a job (not in the Philippines but nearby) I'll be traveling from the north (HKG) so I've thought about buying in the Angeles area too. Not too keen on living in Manila though, even part time. Any thoughts are welcome, thanks in advance.

GGI suspect you will get better capital appreciation in Angeles due to the greater role the airport will play. Cebu is probably nicer all round.

Buko Max
02-11-12, 14:44
I'm looking to buy a condo in either Cebu City, Lapu Lapu or elsewhere on Mactan Island.Land in Cebu City and environs is now some of the most expensive in P. I. at 15,000 php per square meter.

Sammon
02-11-12, 16:27
SO then. I've landed a job (not in the Philippines but nearby) that will afford me the opportunity to invest in some property. Being that the Philippines, and particularly Cebu, is where I see myself ending up long term if I ever manage to retire, I'm looking to buy a condo in either Cebu City, Lapu Lapu or elsewhere on Mactan Island. My new job will allow me a lot of three day weekends too, which I plan to spend as many as possible in that area. Any thoughts on buying a condo in that area? Or any suggestions for a more practical purchase elsewhere in the Phils? I'll be traveling from the north (HKG) so I've thought about buying in the Angeles area too. Not too keen on living in Manila though, even part time. Any thoughts are welcome, thanks in advance.

GGI would suggest talk to a attorney first to make sure you can buy legally. After that look around various places. AC has lots of expats who will help you in case of need and you can have expat friends.

Cebu is a nice place but I would think better to get away from big cities because of crime. Do a lot of research and it is always better to rent long term first before buying.

Stroker Ace88
02-11-12, 16:43
Land in Cebu City and environs is now some of the most expensive in P. I. at 15,000 php per square meter.The 15000p per square meter price you quote only comes into play if you were thinking of buying an over-looking vacant lot in the very prestigious Monterrazas de Cebu. Even the equally prestigious Maria Luisa Estate Park lot prices start at 6500p per square meter for mountain side lots up to maximum 15000p per square meter for super prime over-looking lots.

In general Cebu City land prices are getting more and more expensive due to the recent land grab by condo developers. As a condo buyer only the price of the unit, location of the unit and location of the tower matter not the price per square meter of the land the tower sits on. Let the condo developer worry about land prices.

D Cups
02-11-12, 19:32
I would suggest talk to a attorney first to make sure you can buy legally. After that look around various places. AC has lots of expats who will help you in case of need and you can have expat friends.

Cebu is a nice place but I would think better to get away from big cities because of crime. Do a lot of research and it is always better to rent long term first before buying.Dumaguete on Negros and Siquijor Island have some outstanding real estate values.

Starchild2012
02-12-12, 05:00
Food for thought regarding Condo purchases in third world countries.

Guys. I'm from a third world country, poorer and worse than the PH, however, the modus operandi used by these mafioso's are same from India to PH.

These condo developers are nothing but road side thugs in suits with money they made from dis-honestly means. They don't have any ethics or morality. Worse they don't have any soul. You think they made these condos by fare means to all party? And you think why these condos are over-priced?

The reason the condos are expensive and does not make any sense on price is the way they made it.

First. Create fear in squatters how unsafe the living condition is.

Second. Burn down the squatters.

Third. Move the poor people away from prime land in the name of unauthorized occupation of government lands.

Fourth. Not safe to come back for fear of fire again.

Fifth. Bribe the godfather in power.

Sixth. Bribe the police, mayor, media. So the news of squatter struggle is suppressed for next five years.

Seventh. Quietly move over and start constructing

Eight. Relax the rules for owning condos in PH by foreigners 'because we have already sucked up all money from Filipinos.

Ninth. Recover all the money that we bribed to police, mayor, politicians from gullible foreigners.

-

Why do you think the price never comes down in PH even when no body is owning it. Logic would suggest otherwise right. The reason is simple. They made the condo by unfair means and paid lots of bribe. When you buy the condo. You are indirectly paying the bribe to own. If they had any good intention. They should have lowered the prices long time ago and let filipinos own some of them.

They are building condos after condos while the poverty keeps increasing in the PH and foreigners keep occupying it. Only few families with their 40:60 investment scandal makes them virtual monopolistic empire of everything in the PH.

I understand there are OFW who are owing it too. But its their land. They don't have one more choice like we do. Walk away from everything in the PH.

-

Do not be self destructive guys. We foreigners would be happy in PH, when others around us are happy. Buying over expensive space less condos will only make the god father rich and will do nothing to make ordinary Filipinos happy. I understand life isn't great back home either and you just want to get out etc etc. And I'm not asking for charity or go out of the way to do things for filipinos or how just simple tiny me. Could change the destiny of entire ph etc etc thinking.

I'm just asking people to look at both sides of the story, look at info's and make the right decision. Any tiny sincere good vibe send to other humans shakes the whole planet. Your tiny move would have greater power than the entire billions spend on condos in poor third world countries.

You know deep down your heart. Its not the right deal, 'because we still have our soul. Its way over expensive with less space. Every condo is same. 'because its made by same people with different family names but with same intentions to suck money and give you the short end of the stick.

-

You have the power now. People should just walk away and show the middle fingers to these Mafioso's who think they can take anyone for a ride. Crush them when you can. Walk away. If you want to own condos. Buy from ordinary Filipinos or OFW. Who constructs three four storey building in their own land with sincere money tolling hard abroad.

Get a good deal on your investment and for your soul by making smart choices. Good luck

GoodEnough
02-12-12, 12:26
I don't own any condos in the country, and I'm not sure I'll ever buy anything given questionnable construction practices and the prices, which seem unrelated to demand. Condos are sprouting like weeds in Davao as well, and when I first arrived here, less than 9 years ago, there were none. So clearly there's a building epidemic.

As far as I know, there is nothing here similar to multiple listing services, and general property databases that would allow you to check on the history of prices for homes / condos in various areas. Given the lack of data about what's been sold, how long houses remain on the market, what other simlar properties are selling for in different areas, it's a bit difficult trying to assemble enough accurate information to make decisions. Then, given the exorbitant interest charges for mortgages, it's even more difficult to work out if you're better off paying cash.

GE

FreebieFan
02-12-12, 12:45
Food for thought regarding Condo purchases in third world countries.

Guys. I'm from a third world country, poorer and worse than the PH, however, the modus operandi used by these mafioso's are same from India to PH.

These condo developers are nothing but road side thugs in suits with money they made from dis-honestly means. They don't have any ethics or morality. Worse they don't have any soul. You think they made these condos by fare means to all party? And you think why these condos are over-priced?

-

Why do you think the price never comes down in PH even when no body is owning it. Logic would suggest otherwise right. The reason is simple. They made the condo by unfair means and paid lots of bribe. When you buy the condo. You are indirectly paying the bribe to own. If they had any good intention. They should have lowered the prices long time ago and let filipinos own some of them.

-

Do not be self destructive guys. We foreigners would be happy in PH, when others around us are happy. Buying over expensive space less condos will only make the god father rich and will do nothing to make ordinary Filipinos happy. I understand life isn't great back home either and you just want to get out etc etc. And I'm not asking for charity or go out of the way to do things for filipinos or how just simple tiny me. Could change the destiny of entire ph etc etc thinking.

I'm.

You have the power now. People should just walk away and show the middle fingers to these Mafioso's who think they can take anyone for a ride. Crush them when you can. Walk away. If you want to own condos. Buy from ordinary Filipinos or OFW. Who constructs three four storey building in their own land with sincere money tolling hard abroad.

Get a good deal on your investment and for your soul by making smart choices. Good luckAs the owner of 3 condos in very superior locations in Makati, I can only say its proved to become of the best investments I have made. Ayala and Megaworld are not exactly the Godfathers you make them out to be. The prices do include the fact that a government officlal or two may have been given a condo or two along the way but all units have that system so its included in everyones price. Two of mine have doubled in price over past 5 years. I really don't see the validity of your discussion point.

Gaijin Gigolo
02-12-12, 18:01
Thanks for all the input, much appreciated.

I should have mentioned I am looking at buying a condo or two as an investment property which I could rent out when I am not visiting the place myself for long weekends. Problem with anyplace other than Cebu or Manila is the time wasted getting there. Damuguette is appealing, but again, I don't want to waste half my weekend getting there and back. I'd only be interested in places where there is a direct flight from Hong Kong. That's why I'm really only considering Cebu, as I also have no interest in living in Manila. Angeles is a possible alternative to Cebu though, thanks for the suggestion, but I'm not really into the Angeles scene. (And frankly, I don't really care if there any other expats around to chat with.)

Legallly, I'm aware I can buy a condo in my own name, but not a house. And as far as contributing to the wealth of the evil condo developers, I suspect 'normal' Filipinos are the ones doing most of the construction work, the upkeep, and the marketing and sales of such places. The way I see it, if I'm spending money to stay in the Philippines part of the year, I'm contributing to the economy, am I not?

Thanks again for all the input.

Red Kilt
02-13-12, 03:04
These condo developers are nothing but road side thugs in suits with money they made from dis-honestly means. They don't have any ethics or morality. Worse they don't have any soul. You think they made these condos by fare means to all party? And you think why these condos are over-priced?

. SNIP. .I guess you haven't actually bought a condo here yet Starchild but you are extrapolating from some cases that you know and I am sure you have examples to support your hypotheses.

However, I must agree with Freebie Fan here. I own a condo in a salubrious part of Manila. I paid less than market price for it because I had a fistful of dollars and the owner wanted to sell. The current selling price is higher than the price that I paid.

I agree with your dictum of "buyer beware" but that holds for everywhere.

There are some good deals to be had too.

Frenzy3
02-13-12, 04:32
Just a question for the guys who have brought a condo has any one sold for a profit?

Did you pay capital gain tax?

Did you use a agent or direct?

I ask this I hear many guys buying bargain but no one says they sold and collected.

Red Kilt
02-13-12, 14:19
Just a question for the guys who have brought a condo has any one sold for a profit?

Did you pay capital gain tax?

Did you use a agent or direct?

I ask this I hear many guys buying bargain but no one says they sold and collected.Good questions Frenzy.

In my post I was just indicating that IF I wanted to sell I could show a profit because the current market price based on a recent sale of an equivalent condo in my building is higher than the price I paid. However, it is not so easy finding buyers these days. It is not a question for me because I bought mine to live in and have no intention of moving out for a while yet.

I'd like to hear about some stories of investment successes too if anyone wants to share. Maybe investment failures too if anyone dares to share that. Your own stories too, and not the ones passed around by curious bystanders.

Gangles
02-13-12, 15:42
In my opinion, this / these questions are irrelevant.

They are only applicable at a particular instant in time, because many factors influence the price of purchase or sale of a property.

My house is a classic example.

I bought it in 1989. Cost $42, 000.

My most recent appraisal has been $450, 000.

But the market goes up and down, strategically and tactically.

Maybe if I sell tomorrow, I get $500, 000, or maybe $400, 000.

When I finish painting it, I add about $25, 000 to the sale price.

Will I get the extra? Who knows.

In one year, the value of my place increased by 100.

A good friend of mine was offered a house in his development in Bacoor, Cavite, for 8 million pesos ($200, 000). He asked me to go with him to check it out and appraise it. We came to the conclusion that hte price was too high, so my friend offered 5 million. Owner protested, but the offer stayed. 1 year later, the owner accepted 5 mill because he needed the money. Cost about 1 mill to refurbish the place, and now a very nice house to live in. So what is the true value of the house? 8 mill? 5 mill? (5 +1) mill?

Who knows, it varies day by day.

In my opinion this discussion is superfluous, because it does not take into account the objectives of the purchaser.

For the person who buys for a permanent place to live, like RK, the fluctuations are irrelevant.

For the person who buys for the purpose of making capital gains, the day to day price is everything.

For the investor who buys for income stream, the day to day fluctuation in capital value is a consideration, but not critical.

G.


Just a question for the guys who have brought a condo has any one sold for a profit?

Did you pay capital gain tax?

Did you use a agent or direct?

I ask this I hear many guys buying bargain but no one says they sold and collected.

Lustforthrust
02-13-12, 18:05
Past performance is no guarantee of future failure, but prices are where they were 5 years ago in nominal terms and below where they were in real terms. Luxury condos did well between 2004 and 2008; up 55% but that was the story everywhere (except Hong Kong) until the market collapsed (except OZ, perhaps) that year. Since the great de-leveraging of 2008 (when the Euro lost 25% to the greenback between June & October 2008 and the GBP went from 88 pesos to 66 pesos), the shrinking of the mortgage market and the continuing oversupply, there is ample pussy (lest we forget!) all year round.

http://www.globalpropertyguide.com/Asia/Philippines/Price-History

Stroker Ace88
02-14-12, 03:16
Past performance is no guarantee of future failure, but prices are where they were 5 years ago in nominal terms and below where they were in real terms. Luxury condos did well between 2004 and 2008; up 55% but that was the story everywhere (except Hong Kong) until the market collapsed (except OZ, perhaps) that year. Since the great de-leveraging of 2008 (when the Euro lost 25% to the greenback between June & October 2008 and the GBP went from 88 pesos to 66 pesos), the shrinking of the mortgage market and the continuing oversupply, there is ample pussy (lest we forget!) all year round.Global condo rates and general market conditions have no direct impact on the Philippines and can't be used as a guide when buying and selling into a domestic market based economy. Most of the condos bought and sold are done so by locals, with only a small percent bought by foreigners.

The Philippines as a whole (hole? LOL joke) does not have the same kind of mortgage leveraging banking issues that other first World countries have simply because the banking system in the Philippines does not function in the same manner. Locals have to have substantial downpayments in cash with the balance financed though Government run entities such as PAG-IBIG.

Most banks in the Philippines are owned by individual families not corporate and public stockholders like in other countries, and those familes hate to lend out large sums of money to individuals and risk losing it on a default.

Viajando Musico
02-15-12, 01:10
Just a question for the guys who have brought a condo has any one sold for a profit?

Did you pay capital gain tax?

Did you use a agent or direct?

I ask this I hear many guys buying bargain but no one says they sold and collected.I had sold 2 year ago 2 of the 4 condos I bought 5 years ago. Both with good profit, and regret as well, sold too early. I could have made better profit if I held on to them 2 more years. Well used the money for other sound investments, so shouldn't really complain. Condo price in Manila has gone up again in the last couple years. The ROI on both units I sold after paying all taxes and agent fee came out to be about 48% after 3 years of investment including all the rental income. If I sold my remaining units today with the offer I received the ROI will be at about 72% after 5 years of investment counting in agent fee and capital gain tax.

Unlike market in other part of Asia, real estate in the Philippines is not for speculating but more for long term investment. Loan is difficult to obtain, even if you do get a loan, interest rate is quite brutal not mentioning the loan to value ratio always favors the banker side. Capital gain tax on condos in the Philippines is 6% of sale price on each transaction regardless positive or negative capital gain. Agents who broker the deal normally demand another 3. With another 1% for other fees. 10% would have to be paid either by the seller or the buyer depends on the arrangement and sale price. But on the other hand rental return is quite good, and if you are in the right area, especially some specific buildings, demands are always high. I never have any of my condos vacant for more than 3 months. Mostly renters pay the whole year rent up front plus a 2-month security deposit.

I am not familiar with Cebu, but I wouldn't buy outside of Manila for investment. Actually I only looked at some very specific areas in Manila 5 years ago when I bought.

Stroker Ace88
02-21-12, 14:28
If you live out of a suitcase (or suitcases) , if you book a room in a hotel or pension house, if you do not have a 12 month lease or own property, if your drivers license is in your Country of origin with no Philippine license, if you still make regular trips out of the Philippines back to your Country of origin then you do not live in the Philippines atleast that's my definition. Others may disagree. Possible to miss one item and still be a resident.

The important criteria IMO is the lease and or property ownership and the drivers license. Also when I mention drivers license it means more than just a holder of the plastic, it means owning and driving a car or a motorbike.

I spend 200 days a year in the Philippines most of them in and around Cebu. I stay in hotels and I live out of a suitcase. Even if the majority of my year is spent in the Philippines I can't call myself living there if I do not have the requirements to call myself a resident.


And yes, my first posting with Jackson where in 1997. Previously I was a sporatic poster, and never prolific. After a period of a couple of years of not posting, I found that my old handle / password no longer existed, and the forums name had changed, and also split into two entities. So I had to create new ones for both sites. The one for USA, and one for outiside.Thanks for the explanation and welcome back.

Riverman
02-21-12, 18:36
Stroker,

Regarding the domicile, I respectfully disagree about the 12 month lease deal. I have continually been searching for a rental situation I can be comfortable with, and every time I look at an apartment I baulk when it comes to the lease agreements I see, or the value of the place compared to the rent demanded. So, every time I've decided I'm better of staying in hotels than renting an apartment. Probably what I'll do is buy a condo in a couple years, or if I decide to marry my gf and get citizenship here, I'll build something in a nearby town. That said, I'm spending most of my time here and, as they say, home is where the heart is. So for me, at this time, cebu is my home.

Riverman
02-22-12, 06:13
Why ever would you contemplate citizenship here?

As Gangles said, if you marry a filipina you can get a 13 (a) Permanent Visa that is probationary status for one year and then full status granted after the one year. You will receive a duly embossed ACR card which does not need renewal.

You can come and go on this card without needing return tickets etc. Or without needing your spouse to be accompanying you.I suppose the only reason is for property ownwership (other than multi-unit properties) , and also certain banking considertions, the only drawback there being that if things don't work out anything I would own here would revert to my "wife." That's why I'm not exactly jumping to do that.

But I do take your point regarding the Permanent Visa, certainly something I should consider. Thank you.

Red Kilt
02-22-12, 11:12
I suppose the only reason is for property ownwership (other than multi-unit properties) , and also certain banking considertions, the only drawback there being that if things don't work out anything I would own here would revert to my "wife." That's why I'm not exactly jumping to do that.

But I do take your point regarding the Permanent Visa, certainly something I should consider. Thank you.I don't quite understand your "fear" about anything reverting to your wife unless you are expecting your relationship to fail and she has part-ownership. If you are worried about what happens if you die then you need a will.

I have 2 wills. One (an Australian will under Australian law) provides for everything invested or held in Australia to go to my kids in Australia.

The other (a Philippines will made under Philippines law) provides for everything invested or held in Philippines to go to my wife.

Both parties know this and understand it and accept it. My task is to ensure that in the event of my demise the distribution occurs according to my wishes. I am assured by both legal jurisdictions that my wills are "tight" and clear.

If you don't want your "wife" to get hold of anything then don't allow her name on any deeds of sale. Make sure you have a proper will drawn up. If you want any property to go to someone outside the country, then you need good legal advice about that. If you are legally married then it is hard to see how she will not be the one to get it.

Stroker Ace88
02-22-12, 12:26
Stroker, thanks for the welcome back, I do appreciate it.You are welcome.


Regarding the double posting, I was reacting to the statement "you reposted when you didn't immediately see your post appear". It was not my intent to dispute that a double post occured, just that I was aware of the wait involved, and thats not why it happned. However, I guess I wasnt clear about that and further more, it was wrong of me to jump to the conclusion that you were being snarky and not trying to help, and for that I apologize.Again no biggie. My initial post to you was meant to inform and not to point out any flaws, I apologize if I seemed snarky, not my intent.


Regarding the domicile, I respectfully disagree about the 12 month lease deal. I have continually been searching for a rental situation I can be comfortable with, and every time I look at an apartment I baulk when it comes to the lease agreements I see, or the value of the place compared to the rent demanded. So, every time I've decided I'm better of staying in hotels than renting an apartment.Yes I agree the rental situation in CC is a difficult one. Many places are run-down and lack the basics that many Westerners are looking for such as being; relatively quiet, secure with guard-gates and or high walls, decently priced that have somewhat newer construction, and a landlord and lease agreements that seem fair. Biggest issue IMO is with neighbors and landlords that keep to themselves and not get involved in your life if they see a parade of young women come and go.

While the rental situation is a difficult one there are some places out there that meet expectations, you just have to get out and search ALOT. I have visited a few places in CC where some guys had the ideal setup. Lucky guys indeed. My advice is to pick an area of CC that best matches your lifestyle and walk the streets in that area again and again. Learn the streets and look for small signs that advertise a place for rent. Take a picture of the sign and another of the building and write down the directions to the place so you can find it again and text the number to see if the details match what you are looking for. You might have to visit dozens and dozens of places and spend large amounts of time to find a suitable place but they do exist.


Probably what I'll do is buy a condo in a couple years, or if I decide to marry my gf and get citizenship here, I'll build something in a nearby town. That said, I'm spending most of my time here and, as they say, home is where the heart is. So for me, at this time, cebu is my home.You can buy a condo or a condo certified town house and put it in your name without having to add a filipina to the title deed. As others have posted forget citizenship.

Stroker Ace88
03-10-12, 02:45
I posted this originally on the Philippines "Other Areas" thread in response to a discussion there, but it would be more helpful on this thread so I will re-post it here. Please excuse the bad netiquette or multi-posting the same material, hope the benefit outweighs the faux pas.


No, not good advice IMO.

Option 1, finding a suitable partner in the Philippines in which to put land-property ownership.

I would only undergo option one if the foreigner was married to a filipina and the marriage is based on long-term love not on convenience. Forget the GF, buddy, business partner, bank manager or lawyer route as relationships in the Philippines that often seem rock solid have a way of going bad once money is involved.

Dangle a property worth several million pesos (or more) infront of a local and tell them you will draw up a non-legally binding contract and oh by the way I will just use your name on the title deed and see how long things stay solid. Just long enough for you to build a very nice house or business only to find out the person who legally owns the land-property because his name is on the title deed Has decided you no longer matter. Then has the PNP and court system remove you from said property and warns you if you return prison awaits. Ya, real good option.

Option 2, making a lease agreement with the land-property owner.

While this can be a viable option for land-property use, and some have been successful at doing this, they are the exception to the rule and many many foreigners have learned the hard way this option is not a good one.

First you have to understand that whoever claims to be the rightful owner of the land may in fact not be the real owner even if that person is paying the land taxes on the property. Record keeping in the Philippines dealing with land ownership and title deeds is a mess and often discovering who exactly owns the property is almost impossible in some situations.

That being said, the lease agreement can succeed in some instances. The lease can be up to 25 years (never 99 years) , extendable for another 25 years if BOTH PARTIES ARE AGREEABLE. In order for the lease to be binding on third parties (Heirs, buyers, etc) the lease must be annotated on the title at registrar of deeds. The lease can be drawn up in any manner agreeable to both parties. It can be made transferable, assignable, subleasable, etc, as long as it is done properly, and annotated on the title at the registrar of deeds.

The problems often occur if the person you make the lease agreement with is NOT the sole owner or sole heir to the property. Making a lease agreement with only one heir means the other siblings and-or family members can make a claim on the property at any time and that means the original lease agreement is NUL and VOID. If the owner of the property suddenly dies that means the lease agreement is in theory broken and you could find yourself on the wrong side of the gate with all your things looking in.

The law implemented in 1974 by then President Marcos is PD 471 and still applies today for issues dealing with foreigners leasing land-property.

Pitfalls are many dealing with lease agreements and using a good lawyer is paramount to success but nothing is 100 percent.

Option 3, invest in your own Philippine corporation and have the corp retain the ownership.

Again, see option one for advice on this subject. I would only undergo this option if you have met and married a filipina for love and have a long-term commitment with her. Although creating a corp to hold land-property ownership means the filipina in theory automatically has to possess 60% of said shares in the corporation. A foreigner creating a corporation must show the division of ownership in the corporation when registering the corporation. A Filipino (a) must hold atleast a 60% ownership role in the corporation for the corp to get official status. That takes you back to square one, and option one.

In the Philippines it is illegal to create a shell corporation for the purpose of land-property ownership and you open yourself up to forfeiture of the land-property if ever there is a dispute about ownership, bringing you back to option one.

If you open a legitimate business that creates 50 local jobs and you invest minimum 200k USD or if creating "advanced technologies" (IE call center jobs) the minimum investment drops to 100k USD, you get some increased foreigner ownership rights dealing with land-property. There are some additional restrictions to outright foreigner ownership that requires legal advice.

The foreign investment act of the Philippines RA 7042 and amended by act 8179 in 1996 deals with this topic.

Stroker Ace88
04-20-12, 18:27
Anyone who has bought a condo or thinking about buying one in the new Horizons 101 project that has currently just started construction had better think long and hard about it.

The project will consist of two 58 story towers on Mango avenue. The building site consists of a sloping area that has a river flowing through the property. Already there has been questionable work on the site with one giant retaining wall collapse that has damaged some near by homes. No idea how they will build two massive 58 story towers on land that has a river and unstable ground. Knowing the level of craftsmanship of the Philippine construction firms and the general desire to cut corners and save some money this is a disaster waiting to happen. If this project was being built in the West there would be no problems because an army of engineers and goverment enforcement of the regulations would mean there are workers on site who would be doing concrete slump tests and making sure the project is safe and built to specifications. But this is the Philippines where everything is just good enough and people look the other way for a payoff.

Build a massive 58 story tower over a river with sub-par concrete? What's that? You want to build two 58 story towers with sub-par concrete? Sure, sounds like a safe thing to do. If the developer can't even build a simple retaining wall that stands up over a month that's not a good sign they can build a 58 story tower.

Just to put things in perspective. The Crown Regency hotel on fuente is currently the tallest free-standing structure in the Philippines outside of Manila. It tops out at 38 floors. Add on a few maintenance levels and you get a total of around 40 floors. The Taft group will build there towers almost 50 percent higher.

The project is being built under the Taft name but the Gaisano group is behind it. Anyone who has been inside a Gaisano mall can see they do not build there malls to be the biggest and best, they build it just good enough to get there money back and keep the flow of revenue coming in.

Caveat emptor.

http://www.sunstar.com.ph/cebu/local-news/2012/04/20/joint-team-recommends-suspension-selling-pending-corrective-measures-2172

Jbiz979
10-20-12, 01:27
I'm still quite some years away from retirement but I don't have any desire to marry or have a family. Yet, I have decided that I would like to retire in Cebu. My question is whether it is better to rent or buy a condo if you plan on being a long term resident? It seems not to be a consensus on this subject and I'm curious to hear all sides. If I decide the condo route than I want to get in before the prices are unmanageable as in Costa Rica where the high influx of expats have driven the prices to extreme heights. And yes I have been to the Philippines and I know what to expect in comparison to my western lifestyle.

MidniteRider
10-21-12, 23:02
I'm still quite some years away from retirement but I don't have any desire to marry or have a family. Yet, I have decided that I would like to retire in Cebu. My question is whether it is better to rent or buy a condo if you plan on being a long term resident? It seems not to be a consensus on this subject and I'm curious to hear all sides. If I decide the condo route than I want to get in before the prices are unmanageable as in Costa Rica where the high influx of expats have driven the prices to extreme heights. And yes I have been to the Philippines and I know what to expect in comparison to my western lifestyle.Always rent first, at least 6 months in most places, in Cebu for at least a year because of their peculiar ways of governing. Condo prices apparently have nowhere to go but down, although their bubble hasn't even burst yet. A strange combo of under supply of what's needed and over the top overpricing and shoddy construction. Everything is midget sized.

You'd be best off waiting for years for condo prices to drop in Cebu. By the way, condo prices in Manila are 1/2 that of Cebu, generally. Returning Filipinos will only buy condos as residences in Manila and only try to flip them in Cebu. The small houses are not suitable for westerners, unless you're also very diminutive.

MidniteRider
10-21-12, 23:32
I'm still quite some years away from retirement but I don't have any desire to marry or have a family. Yet, I have decided that I would like to retire in Cebu. My question is whether it is better to rent or buy a condo if you plan on being a long term resident? It seems not to be a consensus on this subject and I'm curious to hear all sides. If I decide the condo route than I want to get in before the prices are unmanageable as in Costa Rica where the high influx of expats have driven the prices to extreme heights. And yes I have been to the Philippines and I know what to expect in comparison to my western lifestyle.For example in Manila (nothing in Cebu even remotely like this, more like New York State subsidized housing projects) :

http://www.fortbonifaciorent.com/the-icon

Jbiz979
10-28-12, 14:30
For example in Manila (nothing in Cebu even remotely like this, more like New York State subsidized housing projects) :

http://www.fortbonifaciorent.com/the-iconThank You for the advice highly appreciated and I think renting for awhile is a great idea.

Sebans
06-22-14, 05:55
I'm planning to stay a couple of months in Cebu as an alternative to Manila. For our hobby.

Does anybody can indicate me a furnished apartment to rent (around 24.000 pesos per month) in a good area?

Which is the best area to stay for our hobby in cebu, anyway?

Thanks in advance.

Wicked Roger
06-22-14, 17:56
I'm planning to stay a couple of months in Cebu as an alternative to Manila. For our hobby.

Does anybody can indicate me a furnished apartment to rent (around 24.000 pesos per month) in a good area?

Which is the best area to stay for our hobby in cebu, anyway?

Thanks in advance.Many will want a minimum of 3-6 months.

Try the websites for lamudi, sulit as there are plenty there (RK posted a link a while ago). Also Strawberry Residences are OK near Castle Peak hotel and Pip J was staying elsewhere for 2 months near that place but due to age I can't remember the name. PJ can you help.

The Colon area is cheap but not for me, Labangon is also cheap but south of the city. The areas near Ayala are popular but expensive as you are near the malls etc.

Maybe you can find a house for rent but the 2 months time frame could restrict that idea.

Personally I like in and around Ayala, Banilad, Banawa, Mabolo. The hills (Nivel) is Ok but sometime traffic is horrendous.

Stroker Ace88
06-22-14, 18:37
I'm planning to stay a couple of months in Cebu as an alternative to Manila. For our hobby.

Does anybody can indicate me a furnished apartment to rent (around 24.000 pesos per month) in a good area?

Which is the best area to stay for our hobby in cebu, anyway?

Thanks in advance.Sebans,

Short term furnished rentals (under six months) are hard to find in Cebu. Most local owners prefer a one year lease with two months cash advance and one months security deposit. Even getting six months can be hard. I would suggest you read my earlier posts below about a good way to go about finding rentals once you arrive in Cebu.

IMO I think your monthly budget of 24 k php / month is a decent one and you should be able to find something. I know there are foreigner owned condos that are up for rent on airbnb. You might be able to contact them and secure a two month rental. Also check out local sites like sulit, olx, ayosdito but keep in mind that websites that advertise Cebu properties online are often inflated foreigner prices, and prices are often some what lower if you show up in person, as always YMMV.

Locals are less likely to lower the price on a rental property and less likely to make a deal and rent month to month. I know of one local who wants 40 k php / month for his unfurnished condo. I took a look at it for a friend and it had no view. I pointed that out to him and showed him the copies of other rentals in the same building that had a city view and were asking 30-35 k / month. He wouldn't move from his price. My buddy rented a unit in the building for 30 k / month that was owned by a foreigner. It has a nice view and the owner came down from 35 k to 30 k per month. The local still insists on 40 k per month and his unit has remained empty for almost a year now.

If you arrive in Cebu without a place PM me and I can send you the contact details of a place that rents monthly.

Cheers.

Pip Jaeger
06-23-14, 13:26
does anybody can indicate me a furnished apartment to rent (around 24.000 pesos per month) in a good area?

which is the best area to stay for our hobby in cebu, anyway?

in addition to what wr and sa have written, you also need to factor in utilities to your budget as the majority of the places for rent will have a separate sub-meter for electricity and water (a few may include water as it's not too expensive there), plus you may have to pay extra for cable tv and / or wifi; roughly 4 k should be adequate. it really depends on size, layout (1-2 br vs. studio) and how much you use the air-con as that would be the biggest consumer of electricity. one place i rented, a 2 br, was about 95 sqm and electric alone cost me over 4,500 k (that was with moderate use of the air-con as unfortunately with the windows open there was no cross ventilation due to the layout).

many apartments will not include a safe (safety box), but many do have a lockable closet or drawer (you can often see if it does in the photos posted). so if having a secure place for your valuables is important then be sure to ask what's available. otherwise you'll have to rely on locking your things up in your suitcase.

also, take note that many of the studios are quite small so pay attention to the square meter spec posted in the respective ad; an average hotel room is about 23 sqm, so when you see a studio that's 18-20 sqm (a common size) you know it's going to be cramped; especially if it has a kitchenette.

furthermore, just because they say "furnished", it doesn't mean things like utensils and towels will be included; something else to ask about. even if they are included you will only get the bare minimum and probably the absolute cheapest they could find (last place i rented the forks & spoons were just a little thicker then alu foil, lol). after renting several condos in ac and cebu i now travel with my own bath towel and some smaller utensils like: bottle / can opener, pair of butter knives (most places only give you forks and spoons), small chef's knife, pairing knife, corkscrew, smallish size plastic or nylon spatula and spoon, nylon cutting mat, veg / potato peeler, bag clips, etc. you can get the cheap ones in a dollar store in the states instead of raiding your own kitchen. i even bring a handful of quart and gallon sized zip-loc freezer baggies. as i'm a coffee lover and i can't stand instant (especially that 3 in 1 crap), i also bring a small 4 cup french press coffee maker (bonjour brand makes a light weight all plastic one). btw, although i prefer my cafe du monde brand (from new orleans, la) the local coffee from the mountains in mindanao isn't too bad and it's not too expensive either.

another option you have is to rent a hotel room by the month, a few places offer monthly rates, but keep in mind you won't have a kitchenette, perhaps only a small refrigerator and maybe an electric hot water kettle. the diplomat comes to mind, which i was told is 30 k (all in) and that includes all the amenities of the hotel, even daily house keeping. the one person i know who did that stayed in a suite (i don't if it was the regular one or the 1 br type they have, forgot to ask) and the hotel had no problem with him bringing in his own micro-wave (he only stayed one month as he was looking for something longer term). the diplomat is a bit rundown, but my friend said it served his needs quite well. ymmv and this is by no means a recommendation for them.

Sebans
06-28-14, 07:37
Many will want a minimum of 3-6 months.

Try the websites for lamudi, sulit as there are plenty there (RK posted a link a while ago). Also Strawberry Residences are OK near Castle Peak hotel and Pip J was staying elsewhere for 2 months near that place but due to age I can't remember the name. PJ can you help.

The Colon area is cheap but not for me, Labangon is also cheap but south of the city. The areas near Ayala are popular but expensive as you are near the malls etc.

Maybe you can find a house for rent but the 2 months time frame could restrict that idea.

Personally I like in and around Ayala, Banilad, Banawa, Mabolo. The hills (Nivel) is Ok but sometime traffic is horrendous.Since I fish almost 100% from badoo and tagged an since now I want girls come directly to my place where I wait for them to pay for their taxi, by a good area I mean an area not to difficult to reach and known by everybody.

Pip Jaeger
06-29-14, 11:56
Since I fish almost 100% from badoo and tagged an since now I want girls come directly to my place where I wait for them to pay for their taxi, by a good area I mean an area not to difficult to reach and known by everybody.Any of the areas WR suggested are good and you may want to consider the Mango / Fuentes Circle area. Look up the condo's location on Google Maps and see if it's close to one of the major streets; if it's too far off from one of them I'd reconsider. With a few exceptions the average taxi driver (and most of the girls) will not know the condo by name, so you'll have to find a landmark nearby to direct them too. And by landmark I mean anything from a shopping mall to a hotel (preferably one of the bigger well known ones).

Unless she's already known to me or I've pre-screened the girl via C2 see, then personally I'd meet the girl in a public place; even if it's in front of a hotel that's near my condo. I then at least have the option of sending her on her way (with taxi fare of course) if it turns out that she is not the girl in the pics from what ever website I've met her on or if she shows up with a group of friends / family.

Disclaimer for the boards' "English Nazi's": Sorry for any spelling / grammar mistakes, English is not my native language.

Wicked Roger
06-29-14, 14:14
Any of the areas WR suggested are good and you may want to consider the Mango / Fuentes Circle area. Look up the condo's location on Google Maps and see if it's close to one of the major streets; if it's too far off from one of them I'd reconsider. With a few exceptions the average taxi driver (and most of the girls) will not know the condo by name, so you'll have to find a landmark nearby to direct them too. And by landmark I mean anything from a shopping mall to a hotel (preferably one of the bigger well known ones).

Unless she's already known to me or I've pre-screened the girl via C2 see, then personally I'd meet the girl in a public place; even if it's in front of a hotel that's near my condo. I then at least have the option of sending her on her way (with taxi fare of course) if it turns out that she is not the girl in the pics from what ever website I've met her on or if she shows up with a group of friends / family.

Disclaimer for the boards' "English Nazi's": Sorry for any spelling / grammar mistakes, English is not my native language.I did look at airbnb as well but the prices there are crazy. Some condo owners need to get a dose of reality before I use that web site for condos (for example PHP 50 k a month for a room, some asking PHP 300 k for their condo monthly) So the others I mentioned (lamudi, sulit etc) have a closer touch to the market.

As Pip says need a landmark for the visitor. When PJ visits he has to ask me for a landmark (due to age and dementia) each time so best follow his advice LOL.

Also, if you don't C2 C and it happens to be a LB who turns up. Your fault as you did not C2 C first. If a chubby then up to you LOL (my Arab mates can't understand why I don't like cubbies!

Pip. As for the "English Nazi's" it should be "English Nazis" LOL but you are forgiven as English is not your first language LOL.

Stroker Ace88
06-29-14, 17:17
Since I fish almost 100% from badoo and tagged an since now I want girls come directly to my place where I wait for them to pay for their taxi, by a good area I mean an area not to difficult to reach and known by everybody.PJ,

I think what Sebans means is he wants to move in with you, and if you would be so kind as to go with him to meet his dates and pre-screen them LOL. JK.

Sebans,

I think you need to do some of the work yourself. Dig around online, and google places in Cebu. What may be a good area to me might not be a suitable area for you to live in. Everyone is different so best to book a hotel for your first few days in Cebu while you sort through some of the online listings. Of course that would mean doing your homework before you arrive.

Stroker Ace88
06-29-14, 17:40
I did look at airbnb as well but the prices there are crazy. Some condo owners need to get a dose of reality before I use that web site for condos (for example PHP 50 k a month for a room, some asking PHP 300 k for their condo monthly) So the others I mentioned (lamudi, sulit etc) have a closer touch to the market.

As Pip says need a landmark for the visitor. When PJ visits he has to ask me for a landmark (due to age and dementia) each time so best follow his advice LOL.

Also, if you don't C2 C and it happens to be a LB who turns up. Your fault as you did not C2 C first. If a chubby then up to you LOL (my Arab mates can't understand why I don't like cubbies!

Pip. As for the "English Nazi's" it should be "English Nazis" LOL but you are forgiven as English is not your first language LOL.WR,

I agree some of the listings on airbnb are crazy, but that's the same with sulit and the others.

LOL about chubbies. To be honest some of the chubbies around the RP would be considered as thin back in the West.

Sebans
06-30-14, 21:09
PJ,

I think what Sebans means is he wants to move in with you, and if you would be so kind as to go with him to meet his dates and pre-screen them LOL. JK.

Sebans,

I think you need to do some of the work yourself. Dig around online, and google places in Cebu. What may be a good area to me might not be a suitable area for you to live in. Everyone is different so best to book a hotel for your first few days in Cebu while you sort through some of the online listings. Of course that would mean doing your homework before you arrive.In March I was in Manila Malate / Ermita area in the tallest building "Manila bay mansions" of Adriatico street and even if it a very know and central place some of the girls had problems getting there some because the taxi didn't know the place and some becouse they didn't take the taxi to save money and arrived a couple of hours late. No problem for me waiting in my apartment from 10 pm to 12 pm but will not wait 10 minutes in a shopping center.

The Mango / Fuentes Circle area suggested by PipJaeger and Ayala, Banilad, Banawa, Mabolo suggested by WickedRoger will be checked out during the first days. Thats it. That's the indication I needed and didn't ask anything of what you mention.

D Cups
07-01-14, 14:51
I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?

Wicked Roger
07-01-14, 15:57
I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?The distance to Cebu is what turns many off for those who don't want the quieter lifestyle. Friends swear that Dumaguete is gret and maybe I should go there but maybe I prefer a bit more noise LOL. Another friend is building in Dalaguete but that is for him to settle with his lady, for now he is in Carcar. He works offshore, wants the quiet and likes that it is cheap.

So YMMV but all are nice just need to know what lifestyle you need. In the smaller places there is a lot more chismis (gossip) so remember that also.

D Cups
07-01-14, 17:48
. In the smaller places there is a lot more chismis (gossip) so remember that also.Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.

Makeupaname
07-02-14, 04:38
I am surprised no one has written here about Southern Cebu. I looked at property and houses in the Dalaguete / Alcoy area and thought this was a great area albeit two hours minimum from Cebu City. This is where I might settle down. Plus all those province girls yum yum. Any thoughts?I too am looking near this same area. Alcoy has more germans, and Agao more americans. And Dalaguete in between. Love the girls but wouldn't risk mongering where I live.

BTW, an american was killed in dalguete last week. It seems to be a hired killer, not some random crime.

Wicked Roger
07-02-14, 05:39
Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.Chismis is impossile to stop, happens all the time as many in the family have nothing better to do than talk about others.

One told me her relatives told her it was "shameful" that she was not given a car by her western boyfriend. My response was to tell them to buy you a car so they were not ashamed anymore LOL She did not understand that I was being serious and could not understand that I could care less about chismis, for me I ignore and live my life but for her is is life and so important!

But you need to be cautious and wary as chismis will get her into trouble and it will ruin / could ruin a relationship.

In a small place mongering to the extreme will be tough as so many eyes and family members all ready to chismis.

And as Make said in his last FR, some won't forgive if you bring perceived shame on her family. Life is very cheap in the Philippines as witnessed by the huge number (IMHO) of random shootings of people by motor bike riding assasins.

So living in a larger city means you can do more, less people notice and have more fun IMHO. If you live in Duma, Dala, Alcoy etc I would have a steady girl and go to other places for fun.

Red Kilt
07-02-14, 06:36
Thanks, WR. No doubt the chismis will be difficult to squelch for a horndog like me but I am hoping the community I choose will forgive me if I get involved somehow. Build a library or advise the local government or something like that.If you start playing around with the local girls the community will turn on you like vipers. There is a difference between "tsismis" (usually just harmless busy body stuff) and families looking out for and protecting each other which can get extremely vicious. There was an "incident" reported in Dalaguete just a week or so ago.

If you have one girl and you stick to her (no monkey business) in a small place like Southern Cebu then the community will protect you through thick and thin, and you will be a celebrity. Been there; done that (in another locality).

However, if you choose to live there with a chosen girl but still wish to dally then all your mongering with other women will need to be in another location, and you will also need to remember that there are eyes everywhere in the Philippines. You will be seen by someone at sometime.

D Cups
07-02-14, 15:36
So living in a larger city means you can do more, less people notice and have more fun IMHO. If you live in Duma, Dala, Alcoy etc I would have a steady girl and go to other places for fun.Yikes, M, WR and RK. Now I have to rethink everything. Thanks for your input. It is much appreciated.

Pip Jaeger
07-03-14, 22:24
When PJ visits he has to ask me for a landmark (due to age and dementia) LOL.



My age is not a factor, I've been a demented perv since before I was able to walk. And you should lay off the pastries at your "office" or soon you'll be big enough to be a landmark yourself, LOL.

Wicked Roger
07-04-14, 07:50
My age is not a factor, I've been a demented perv since before I was able to walk. And you should lay off the pastries at your "office" or soon you'll be big enough to be a landmark yourself, LOL.Pastries or pussy PJ? LOL.

As you know they care not for size of body but todger, and size of wallet at times LOL.

As for being a demented perv. Glad you still have brain cells to admit it as it saves me telling you each time we meet! The more we meet however, the more I bam ecoming corrupted also. Bad for a church going Christian like myself LOL.

And I thought I am a landmark already. Or that a figment of my own imagination.

Jack Burton
09-25-15, 19:13
, it's a bit difficult trying to assemble enough accurate information to make decisions. Then, given the exorbitant interest charges for mortgages, it's even more difficult to work out if you're better off paying cash.

GEI have seen interest rates at 8% for houses. So, if you can earn more than 8%, do it. If not, pay cash if you can.

Please note that you can't buy a house in the Philippines. However, if you have $200,000, you can start a business foreign owned 100%. If you have less than that, you (or other foreigners) can only own 30% (total, not each).

Stroker Ace88
09-26-15, 07:16
I have seen interest rates at 8% for houses.Current home loan interest rates at many Philippine based banks are well under 8%. HDMF is at 4. 5% for a 1 yr (but you will not qualify), BPI has a 2 yr fixed at 6% and a 5 yr fixed at 6. 88%.


So, if you can earn more than 8%, do it.Oxymoron.


If not, pay cash if you can.Many foreigners pay cash. Cash is king in the Philippines and it's a much easier way to buy property. The only way a local bank would give you a loan is if you have a stable income source like a pension that's already being remitted through your Philippine bank account. I know several expats around the RP that have taken out a loan in the States to buy property in the RP. They get better terms and less hoops to jump through vs a loan in the RP.


Please note that you can't buy a house in the Philippines.Nonsense.


However, if you have $200,000, you can start a business foreign owned 100%.If you have the 200 k USD to "invest" in a business with the potential to lose all or a portion of it, why not take that liquid cash and buy the property of your choice with it? 9 million php can buy a nice place.


If you have less than that, you (or other foreigners) can only own 30% (total, not each).30% of what? A business, a corporation or a condo?

BTW why quote a post that's three years old?

Omega 3
01-30-17, 04:38
New high-rise and mid-rise condo projects seem to be sprouting up all over the place in Cebu. Was looking at a couple of units, and was surprised to see that, despite the perceived increase in supply, condo units here seem to be rather high-priced (in my personal view).

Have not been following condo prices in Cebu, so would much appreciate your own personal thoughts (from our Cebu gurus) on the following questions.

Generally, in your view, have Cebu condo units been appreciating in price during the past 3-5 years? In other words, if I had bought a condo unit in Cebu 3 to 5 years ago, could I reasonably expect to sell the condo unit today for appreciably more money?

Thank you!

OM.