Philippine Real Estate: What OFWs and Expats Should Watch Out For
Many OFWs and foreigners are encouraged to purchase property due to the surge of low cost housing, usually by unscrupulous developers.
The Philippine Property Market has grown tremendously over the past 5 years. In fact, RP real estate industry grew an all time high of 17% in 2007. This is mainly driven by internet marketing, increased tourism, increased remittances from OFWs and foreign investments. Many OFWs and foreigners are encouraged to purchase property due to the surge of low cost housing, usually by unscrupulous developers. The main attractions for buying properties in Philippines are: low cost of living, cheap properties, scenic views and friendly people. However, this flourishing industry is abused by real estate sales agents and real estate developers in Philippines.
All over the internet, there are numerous listings of low cost properties. Hundreds and thousands of flyers are distributed in malls, hotels and tourist destinations in Philippines. However, a great many of these real estate developers and real estate salesmen in Philippines do not have the proper certificates and licenses to operate or sell property.
There have been many reports of Filipino Overseas Workers who have been swindled by gutless real estate developers in Philippines. The brochures and flyers of these developers showcase lovely homes, colourful promises. Notice that they also have disclaimers that say “This brochure is developed based on artist interpretation. The developer reserves the right to alter property details without notice…” and so on. Foreigners and OFWs who are interested in buying properties in Philippines should be careful not be lured into these properties. They are advised to look for a HLURB seal or license number. The Housing and Land Use Regulatory Board is a quasi-judicial sector of the Philippine Government who controls and regulates all the sale, lease, listing, advertising and any activity relating to the purchase of housing, land and condos in Philippines. If you do not see this seal or license, please report to HLURB Cases and Other Legal Matters: 924-3367.
Foreigners and OFWs who are interested in buying or selling property investments in Philippines should also try to look for a reliable and licensed real estate broker. There are so many unlicensed sales agents on the internet that do not even have a license or do not have an affiliation with a brokerage in Philippines.
Investing in Philippines might prove to give high returns of investment – but only after due diligence. Buying Philippines Property 2008 (Insights from StrategicAnalyst) is an eBook on How to Buy Properties in Philippines. The author, Andrew Sheldon, has written several reports on international real property investments. He is an Australian expat, who has lived in Philippines for almost 2 years now and has been able to achieve control over several Philippine Properties.
Real Estate Philippines, Philippine Properties, Foreclosed Philippines, How to buy land in Philippines, How to buy property in Philippines