Only about a decade ago, Cebu was known mainly for its tourism
industry. However, according to recent statistics, it is actually the
city with fastest economic growth at 5% per year. In keeping pace with
the rapid growth, various real estate opportunities have sprung up
throughout the city. People are actively thinking of relocating to this
city because of its huge economic growth index. From studio apartments
to mansions and condominiums, the city's real estate market presents the
best opportunities for anyone who wishes to settle down in the
Philippine city.
However, a word of caution should be mentioned
here. It definitely sounds like a lucrative deal for foreigners to own a
property in Philippines at only a fraction of the cost that will be
required to purchase a property in their native countries. But, for a
foreigner to own a property in Cebu, he must have a Philippine
wife/girlfriend, as the property can be purchased only under her name.
Also, there are restrictions on the type of property that foreigners can
purchase here. At present, the local real estate regulations dictate
that only condominiums can be purchased by foreign citizens who have
committed to a relationship with a native woman. That said, you can
proceed with owning a property in Cebu.
While purchasing the
property, you should arrange for a local agent in the city. There are
many unreliable agents, so try your best to get in touch with a genuine
and licensed contractor. Find someone who has a good website and can
present actual verifiable client testimonials. Even after you have hired
someone genuine make sure that you are checking out the property in
person before you sign the dotted line of purchase. The property
inspection should be professionally accomplished. Just a visual
examination won't suffice. Find a certified property inspector who can
thoroughly inspect the home. The property inspector should necessarily
have an architectural degree or an engineering degree. Follow the
recommendations of the inspector before making the purchase.
Finally,
negotiate and set the right price of the property. If you are a foreign
national buying the property under the name for your native fiancee,
you can expect to face a very steep price in the beginning. Learn to
negotiate. Conduct some online research to see the approximate price
range of similar properties in the city and finally decide on a price
that is within that range.
