Buying Property in the Philippines
 

Having recently been approached by a salesgirl in Cebu Ayala Mall trying to interest me in Ayala new apartments, it prompted me to consider a "what if" scenario on the basis that the cost involved is greater than that required to invest for various retirement visa options which are available.

I'd like to hear from anyone who can please advise me on how it could affect a future visa application. I am currently waiting for my ACR-I card to be issued (application made on 23rd Dec), and I am not yet drawing a pension. I may delay drawing my state pension for a year from May as well if I think I can manage it.

I would also be grateful for comments about buying new apartments, and whether there any pitfalls I should watch out for here, please, eg

• sales plans - any catches,
• quality of provided appliances,
• selling in the short term if I decide to live elsewhere,
• letting for long periods,
• disposal after death, etc.

Thanks in advance.

Re: Buying Property in the Philippines
 

I've not been in this position but in general I would recommend not to buy off of plan as you never know when the condo will be finish if ever. The quality of any provided appliances will likely be the usual filipino quality ie very low by western standards. There is a massive over-supply of condos so selling in the short term is likely to be unlikely, unless at a massive discount, long term letting, read massive over supply. Same with disposal after death.

My recommendation would be to only buy a condo if you are certain you are going to live there longterm and you don't have a pinoy partner so that you wouldn't be in a position to by a house and lot.

I'm assuming you are looking at an SRRV. I would check that all condos apply before to jump into anything. You could rent for many years for the cost of a condo.

Re: Buying Property in the Philippines
 

We looked at condos and if that rings your. Bell then ok but what I didn't like about them were no matter how nice you make yours on the inside you have no control over the neighbours and surroundings. We looked at new units from Ayala also but when I saw the units that were 2-3 years old it became apparent no money was being spent on the outside and the up keep. They needed painting and also there were "weeds" growing out of the gutters !!!!!after three years this was not good.

Sorry if I sound wound up about this but the sales lady was telling my wife and I how so much $ had to be paid every month for maintenance and she couldn't see that it wasn't being done

Tony ( sorry I'm an engineer and these things get me soooo angry)

Re: Buying Property in the Philippines
 

Mate, I am a chartered construction specialist with many years experience of contractors claims in the GCC. We have two condos in SOMA (BGC), two in Paris Hilton's Azure, one in Gramercy, two single bed lofts in F1 (BGC), and a villa on Mactan. I recommend going for completed units as you simply cannot trust off plan. I have also used three separate "civil engineers" for the villa construction and thrown each off site for corruption and poor workmanship. Good luck.