The view from the Balcony of my rented Condo overlooking Manila Makati area
The planned purchase of a Condo in Manila for me and my now ex girlfriend to live in has been shelved. I went back to Germany, (where my home is) after the holiday there and am now finishing the renovation of my house here. Planning to return to the Philippines later this year. Possibly gonna still buy a Condo there at the Mall of Asia. It's a massive project there which is scheduled to be finished 2020 and if successful will rival Las Vegas and Macau as International playgrounds for gaming, entertainment, shopping and vacationing. Condo price is around 3,300,000 pesos about $70,000 that's for a 27 sq mtr with balcony over looking pool and amenities. due to be finished late 2017. Yes it's tempting to go for it just not 100% sure right now. Still mulling it over.
Manila is a fascinating place, big, busy and over populated with big gap between poor and the better off. And the traffic jams are the worst i've ever experienced.
The ongoing project at Manila Bay The Mall of Asia, when finished and if successful will generate jobs and boost the economy there. Good for all hopefully!
good to know that Manila will be your second home, Even Manila is too crowded there are lots of opportunities there, plus the face of fascination in our modern days, modern people give also the new color to the Capital City
I thought foreigners could not own property or businesses in the Philippines, did the rules change ?
Foreigners can not own more than 49% of land or a house the other 51% must be owned by a Filipino. However the law there is different for Condos. Which means Foreigners can buy outright ownership 100% on a Condo
There are often plans and contracts that are designed to help people get around these obstacles but you need to find someone else to work with. That's interesting that it doesn't apply to Condos.
very interesting, thanks for the precision !
That's very interesting information. Which area in Germany are you from? I live now in Ontario, Canada but grew up in the very south of Germany.
apologies for late reply steemuwe. i originally come from London and now live in Steinen Germany about 20km from the Swiss border
Thanks for the update. A $70K condo might be good just as an investment if Manila is an upcoming place - the other thing is (not sure about the laws there) but could maybe buy and rent it out. That way you could keep it, get an income from it and then hopefully (if you don't need it yourself) you could sell it in a few years for a good profit. My brother did that with a small flat in London when he moved to Canada (I know it's a little different) but the principle is similar.
Yes i agree with you, that's what i got in mind like a long term investment to rent out.