A Guide to Buying Property in the Philippines for Expats
The Philippines attracts many expats with its beautiful beaches, rich culture, and affordable lifestyle. If you’re thinking about settling down and buying property, it’s important to know what’s possible and what’s not.
The short answer is yes, but with restrictions. Foreigners cannot own land in the Philippines. However, there are legal ways for expats to enjoy property ownership and long-term stays.
Options for Expats to Own Property
Condominiums
This is the simplest option. Foreigners can buy a condo unit as long as foreigners own no more than 40 percent of all the units in the building. Condos are popular for their convenience and amenities.
Long-Term Lease
You can lease land for up to 50 years with the option to renew for another 25 years. This lets you build a home or business on the land while following local ownership laws.
Philippine Corporation
An expat can own property through a corporation where at least 60 percent of the shares belong to Filipino citizens. This is a complex option and requires legal and financial advice.
Marriage to a Filipino Citizen
If you are married to a Filipino, the property can be owned under your spouse’s name. It’s still wise to get legal advice to understand your rights and responsibilities.
Key Things to Consider Before Buying Property
Location
Think about what lifestyle you want. City living offers convenience and amenities, while beach towns and mountain areas offer peace and natural beauty. Research the area thoroughly before making a decision.
Property Type
Condo units offer easy living with maintenance and security taken care of. Houses on leased land or land owned by a corporation offer more space but also come with more responsibility.
Legal Advice
Work with a lawyer who understands Philippine real estate laws. They can help review contracts, check property titles, and make sure the purchase is legal.
Financing and Taxes
Understand your financing options and how property taxes work. Foreigners often pay in cash, as mortgage options are limited. Your lawyer can also guide you on taxes and fees involved.
Do Your Homework
Check the property’s history. Make sure there are no unpaid taxes, liens, or legal issues. A trusted real estate agent can also help with the process and guide you to reputable sellers.
Understand the Costs
Prices vary by location and property type. Be clear on the ownership structure and what that means for your rights and obligations. Know what additional costs you’ll face, such as association dues or maintenance fees.
Benefits of Owning Property in the Philippines
Owning property in the Philippines can be a rewarding step for many expats. Besides the lifestyle perks, it offers real value for your money and future.
Investment Potential
The Philippine real estate market has shown consistent growth. Property values have risen steadily over the years, making it an attractive long-term investment option.
A Great Place to Retire
The Philippines offers warm weather, affordable living, and a strong sense of community. Many expats enjoy spending their golden years surrounded by beautiful beaches and friendly people.
Sense of Security
Owning property provides you with a permanent place to call home. Whether it’s a beachfront condo or a cozy home in the countryside, it gives you stability and peace of mind.
A Final Word on Buying Property in the Philippines
The process can be smooth and rewarding if you plan carefully and get the right advice. Remember, understanding the legal and financial details is key. Always work with trusted professionals like lawyers and licensed real estate brokers.
Extra Resources to Help You Buy Property
Here are some helpful places to get more information and support:
Government Websites
Housing and Urban Development Coordinating Council (HUDCC)
Land Registration Authority (LRA) – Learn about land titles and property registration.
Real Estate Associations
Philippine Association of Real Estate Brokers (PAREB) – Connect with licensed real estate agents.
Chamber of Real Estate and Builders’ Associations, Inc. (CREBA) – Find developers and property professionals.
Legal Help
Integrated Bar of the Philippines (IBP) – Find lawyers who specialize in real estate law. Make sure your lawyer is a member for legitimacy.
Online Tools and Guides
Watch this Investopedia video on buying a condo in the Philippines
Read this Wise guide on property ownership for foreigners
Final Thoughts: Your Piece of Paradise Awaits
Buying property in the Philippines can offer a life filled with adventure, culture, and comfort. Whether you dream of a modern condo in the city or a peaceful home by the sea, there’s something here for everyone.
A Few Last Reminders
Plan ahead and do your homework. Understand the ownership rules and costs.
Work with experienced lawyers, brokers, and financial experts.
Enjoy the journey. Learn about the local culture and make your new house feel like home.
By taking these steps, you can confidently start your new chapter in the Philippines and make your property dreams a reality.
