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UNDERSTANDING THE PHILIPPINE PROPERTY MARKET

As a culturally rich country that balances agriculture and urbanization, the Philippine property market attracts both local and international investors. Because of the strong and steady economic growth, as well as the young demographics of the market, real estate is impressively progressing as the fourth best investment prospect in the Asia Pacific for commercial and residential properties. Furthermore, the strengthening business process outsourcing (BPO) industry greatly contributes as a major driver of the industry. The Philippines is unlikely to go back to being an underestimated competitor in the global property race.

BUYING PROPERTY IN THE PHILIPPINES

Be it for personal or business purposes, purchasing property always involves much thought not only because it costs a lot of money, but also because of its potential towards a return on investments. Houses, lands, and buildings can also be passed on to generations.

The terms of your purchase will vary depending on whether you are buying from a developer or from an individual owner.

  • Buying from an Individual Owner:

It is of crucial importance to ensure the authenticity and legality of the Certificate of Title and other related documents. You would not want to buy a property that has accumulated nuisances from unpaid mortgages. Always begin your negotiations by validating the legitimacy of the owner to avoid cases of fraud. To fool-proof your purchase from scams, ask for a copy of the Tax Declaration Documents, and validate your ownership at the Register of Deeds.

Condo for SaleOn the other hand, buying from a developer will require you to check whether or not the mother title of the property is available. For pre-sold properties, the mother title would most likely be unavailable as the development is yet to be constructed. It would be wise to selecting a credible developer based on reputation and the success of past project. It would be best to find a licensed broker from whom you could inquire about any concerns you may have, as well as a lawyer who could explain to you legal matters enclosed within your purchase.

Buying property in the most strategic places is not only ideal, but practical. Close proximity to your workplace, educational institutions, medical centers, and commercial areas will save you a lot of time, effort, and money. Amongst the key areas for residential, commercial, industrial, and office properties are the National Capital Region (NCR), , , , the CALABARZON region, and . Also, check if the place is prone to floods, earthquakes, and robberies.

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