Market Watch: Philippines Real Estate set to grow
NEW YORK, NY - (IBWire.com November 4, 2011) - Philippines Real Estate is set to grow with an influx of investment from wealthy westerns seeking a retirement destination.
In order to be eligible to purchase property in the Philippines, it's necessary to either be:
a) a Filipino Citizen,
b) a natural-born Filipino Citizen who lost his/her Filipino citizenship through naturalization in another country,
c) a Filipino by dual-citizenship, or d) a foreign national married to a Filipino Citizen. For individuals classified under b, c or d, he/she may purchase a parcel of land not exceeding one thousand (1,000) square meters in area and for residential purpose only.
A foreign national may purchase a house and lot provided the property is under the name of a company registered in the Philippines, but he/she can purchase a condominium unit under his/her name.
* have the financial ability to make the payment for the property, whether in full or through financing.
* be at least 18 years of age and able to do acts with legal effects.
If you are based abroad and wanted to buy a real estate property here in the Philippines, you will most like want to be represented by a person you can personally trust to handle the transaction on your behalf, you can obtain a Special Power of Attorney (S.P.A.) from the Philippine Embassy in your country of residence, and designate that person to represent you in purchasing a property.
