Quote:
Originally Posted by sugardad
Well, lookat Ayalas' project first. Thats what my friends there suggested to me. But if you have a wifey there, I will suggest buy a piece of land and build your own dream house.
BTW, we cannot own land in phil so must be thru wife.
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Foreigner can't buy land directly. But you can set up a company there to buy land but you need to have a local partner. A lawyer would be able to prepare some documentation for you such that this partner cannot impede anything you want to the property and will have no beneficial interest in it. I have bought a 30,000 sq ft land by the sea inthe province.
If you plan to retire in PI you should live in the province and rent out your condos. The rental return is good. The places to look out for is Makati, Ortigas and BGC. Ayala is currently the best developer but they do not allow you to use the apartment as a service apartment and they do not allow sub-sale. Another good developer is Robinson Land. But if you are thinking of making money from resale better think twice. Though all my condos have appreciated in value it's difficult to dispose of them at market value. If you need to sell your property value must have appreciated by at least 30 percent to make it worthwhile.