Common Questions
Can foreigners invest in real estate in Manila?
| Foreigners holding a passport and obtaining a Philippine Tax Identification Number (TIN) can purchase condominium units that do not involve land ownership. |
Can foreigners permanently own the condominium they invest in Manila?
| As long as the condominium unit is freehold and does not exceed the foreign ownership quota, the ownership can be held permanently. |
What are the costs during the holding period after purchasing a condominium in Manila?
| In addition to management fees (Association Dues) and real property tax, some buildings may require insurance for shared common areas. If the property is managed by a real estate agent for rental purposes, the service fee should also be considered as part of the holding costs. |
If a foreigner is not residing in the Philippines after purchasing real estate in Manila, who can manage the property?
| Simpson, a real estate expert in Manila, along with his local team, can assist investors with property turnover, furnishing the property, renting it out, and collecting rent, among other services. |
Can foreigners obtain loans from local Philippine banks to invest in real estate in Manila?
| According to regulations by the Philippine Central Bank, foreign nationals cannot apply for a home loan unless they have a Filipino spouse or hold a retirement immigrant visa, which may give them a chance to qualify for a loan. However, the interest rate is generally high, and it is usually recommended to apply for a loan from Taiwan through personal or home equity loans, which are more cost-effective. |
Do foreigners enjoy housing defect warranties when investing in real estate in Manila?
| Most developers provide 1-2 years of free warranty services for waterproofing and structural defects. DMCI offers a 2-year warranty period after property turnover, while SPI offers a 2-year warranty period after turnover as well. |
How is the area and common area percentage calculated for real estate investments in Manila?
| In the Philippines, the area of condominium units is measured in square meters (1 sqm = 0.3025 ping), and it is based on usable space with no common area percentage. The exact size in square meters will be listed on the condominium’s Certificate of Title. |
How should foreign investors select properties for condominium investments in Manila?
| If the budget allows, it is recommended to choose either completed properties or preselling units that offer better pricing, but the security of transaction documents must be ensured. If the budget is limited, preselling units with installment payments for construction costs may be considered, but attention should be paid to purchase price, location, and the developer to ensure the expected return on investment. |
What taxes and costs are involved in selling a condominium in Manila?
| Capital gains tax is 6% of the total price (or the official valuation of the property), and a seller’s broker service fee of 3%-5% (buyers in the Philippines typically do not pay broker service fees). |
Can foreigners invest in commercial real estate in Manila?
| Yes, foreigners can invest in commercial properties. However, it is advisable to consult with an accountant to assist with business registration using the commercial property address for company registration. |
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