All roads lead to the Philippines, the next hub of real estate. In every part of this country, developers have been citing attractive properties for the millions of visitors who come for business, tourism, or permanent residency.
Real estate in the Philippines has become lucrative for both indigenes and foreigners, and having a slice of this pie is a step in the right direction. However, if you look to get into real estate in the Philippines, you must consider a few things.
For example, you must consider the location, real estate laws, target market, know how to pay, and your long-term plans. Below are factors you should consider before investing in real estate in the Philippines:
1. Location: Location is everything. It will help if you consider the area before buying your choice of properties. In Manila, a lot of cities have been witnessing tremendous growth. Places like Pasig, Taguig, etc., are choice locations for real estate development. Furthermore, take a survey of the area, and confirm if they have adequate facilities to attract investors.
2. Understand real estate laws: In the Philippines, there are a series of rules that guide buying and selling properties. These laws apply differently to foreign investors. For example, owning land is limited to only citizens, which means you can only purchase or lease the property as a foreign investor. Furthermore, for every property you intend to get, always get legally accepted documentation.
3. Have a grasp of your target market: One way of succeeding in the Philippines’ real estate business is by having a clear understanding of your call. You will realize that as the locations vary, so do the preferences of its residents. In certain areas like Pasig, Quezon, Manila, and Makati city, condominiums are quickly becoming a preferred choice. So you must invest in condos to make a profit in these areas.
4. Payment Options: Succeeding in real estate depends mainly on your payment options. In the Philippines, one of the most profitable means of raising money for investment is through leveraging. Here, you use much of outsourced funds and less of yours in investing. Since most condo units cost millions of peso, leveraging is how you can earn while having a limited investment.
5. Long term plans: Buying a property is just a step in a series of other steps you must take. However, having a plan for your property is also crucial. A successful long term plan is buying properties and renting them out. By doing so, you have a steady cash flow. Furthermore, always have a SMART goal. (Specific, measurable, attainable, realistic, time-bound) This way, you can succeed in a fast-changing Philippines real estate market.
Conclusion
The gains of Investing in real estate in the Philippines gets juicier by the day. This is shown in the surge in the number of investors buying properties all around the Philippines. Also, government legislation has been very positive, making it easy to invest in the Philippines. However, as a foreign investor, the laws may apply a little differently to you, so you must adequately grasp these laws. Finally, engage with a well-rounded real estate agent so that you can have an easy run of the market.