Investing in Bohol/ Properties

Hello,

As a foreigner, I have some questions about investing in Philippines/ Bohol.
Within 1,5 year I want to retire in Philippines.

During my last visit in july, i visited some subdevision projects in Cebu, and look for properties for rent or sale, just for information about prices etc.

So my question here is, how about Bohol and prices in compare with Cebu.
Honestly speaking, I was a bit dissapointed about investing because I cannot be the owner of my house.  Strange but it is, so in my opinion its not a investment.

Maby it will be better to rent a house ?  What do you think ?
I look forward to read your opinion, and thank's in advance.  In january I go back to Cebu, maby Bohol, Bacolod, and Masbate. Oohhh I need the sunshine of the philippines   because here in Belgium it's cold now and starting freezing and next month snow. Also nice, but soooooo cold hehe

Bye bye

Halo, Rich!

Please allow me to share my personal views regarding your inquiry.

According to present Philippine laws, foreigners cannot own real estate properties (specifically land). Philippine Congress is in the midst of revising this law but it is still an on-going process and may take some time.

However, if you are open to investing in a condominium property, then ownership can be extended to foreigners and you will have the Condominium Certificate of Title. Unfortunately, unlike in Manila or Cebu and other major cities, I have not heard of a condominium property development in Bohol. Maybe developers can hopefully see the demand for this and start undertaking such kind of projects.

Another option, which you already have thought of, is to rent. And given the lower level of living expenses in Bohol or in the Philippines as a whole, I think it would also be a feasible idea for you to consider doing.

Do let me know if you have more inquiries. We have some members in the forum who are real estate brokers and they can help you with specifics. Best regards.

Hello Rich,

Willy is correct, foreigners may not own real properties in the Philippines. As i can recall there are about 7 exceptions in our law where a foreigner may own real properties here in the Philippines and 2 of which are only applicable to foreigners who are not former Filipino citizens. One is the purchase of a condominium unit and second is if married to a Filipino where according to law "Real properties acquired by couple (foreigner with a Filipino spouse) which is considered conjugal property has only an inchoate right and mere expectancy rights during the existence of the conjugal partnership and it is only upon conjugal partnership dissolution that their rights become actual and vested with respect to the indivisible half of the property."

Prices of real properties here in Bohol is a bit lower compared to Cebu. depending mainly on location.

We have condominium development here in Bohol (project still on-going will be completed early to mid next year) I will post the info on my website next week at www.boholrealty.net. The location is in Dauis alongside Bohol Plaza Resort it has a scenic and panoramic view of Tagbilaran City.

Hello Rich,

Willy is correct, foreigners may not own real properties in the Philippines. As i can recall there are about 7 exceptions in our law where a foreigner may own real properties here in the Philippines and 2 of which are only applicable to foreigners who are not former Filipino citizens. One is the purchase of a condominium unit and second is if married to a Filipino where according to law "Real properties acquired by couple (foreigner with a Filipino spouse) which is considered conjugal property has only an inchoate right and mere expectancy rights during the existence of the conjugal partnership and it is only upon conjugal partnership dissolution that their rights become actual and vested with respect to the indivisible half of the property."

Prices of real properties here in Bohol is a bit lower compared to Cebu. depending mainly on location.
We have condominium development here in Bohol (project still on-going will be completed early to mid next year) I will post the info on my website next week at www.boholrealty.net. The location is in Dauis alongside Bohol Plaza Resort it has a scenic and panoramic view of Tagbilaran City.

and what are the other exceptions?  the two exceptions (applicable to foreigners who are not pinoys) that you mentioned, would those apply to citizens of another country by-birth but of pinoy heritage, or at least partly by heritage?   

Hello Rich,

Willy is correct, foreigners may not own real properties in the Philippines. As i can recall there are about 7 exceptions in our law where a foreigner may own real properties here in the Philippines and 2 of which are only applicable to foreigners who are not former Filipino citizens. One is the purchase of a condominium unit and second is if married to a Filipino where according to law "Real properties acquired by couple (foreigner with a Filipino spouse) which is considered conjugal property has only an inchoate right and mere expectancy rights during the existence of the conjugal partnership and it is only upon conjugal partnership dissolution that their rights become actual and vested with respect to the indivisible half of the property."

Prices of real properties here in Bohol is a bit lower compared to Cebu. depending mainly on location.

We have condominium development here in Bohol (project still on-going will be completed early to mid next year) I will post the info on my website next week at www.boholrealty.net. The location is in Dauis alongside Bohol Plaza Resort it has a scenic and panoramic view of Tagbilaran City.

thanks for this info, Ferds.

Thank you all for this information.

Ferdie, I visited the site Boholrealty already this morning and  yes the prices  of houses are cheaper.

Can you tell me also how much %  a year prices of houses and condo's go up ( or dawn)

Its very pity foreigners cannot be owner of a house that they buy, so in my opinion I cannot call it " investment"

I think it will be good for the condominium market. Do you know the reason why foreigner cannot be owner of a house, but can be owner of condo?

Is it because of the lot or land?
I think in near furure I will buy a condominium, but rent first and look around. 

Thank you all for this information.

Ferdie, I visited the site Boholrealty already this morning and  yes the prices  of houses are cheaper.

Can you tell me also how much %  a year prices of houses and condo's go up ( or dawn)

Its very pity foreigners cannot be owner of a house that they buy, so in my opinion I cannot call it " investment"

I think it will be good for the condominium market. Do you know the reason why foreigner cannot be owner of a house, but can be owner of condo?

Is it because of the lot or land?
I think in near furure I will buy a condominium, but rent first and look around. 

yes, for me richie, it is the land that foreigners cannot own. But the condo unit already has a title so u can still call it an investment...prices normally go up (depending on the law of supply and demand) and you can sell it later on to make some money. Richie, I hope you understand that the Philippines is a relatively poor country. If we open the ownership of our land to foreigners, then most likely the Philippines will end up in the hands of foreigners and we Filipinos will just be renting.

and what are the other exceptions?  the two exceptions (applicable to foreigners who are not pinoys) that you mentioned, would those apply to citizens of another country by-birth but of pinoy heritage, or at least partly by heritage?

actually there are only 4, the 5th is an additional situation whom a former Filipino may not own a property:
1. When acquired prior to 1935 constitution;
2. when acquired though hereditary succession being the legal heir;
3. When a Filipina marries an alien but retains her Philippine citizenship; unless her act of omission have renounced her Philippine citizenship;
4. Former Filipino citizen may retain ownership of the land previously acquired being a Filipino;
5. Those Filipinos who contracted to buy real estate on installment basis and subsequently lost their Philippine citizenship before full payment thereof; cannot acquire title for its ownership;

The best way for a former Filipino citizen to still acquire properties is through dual citizenship.

With regards to "the Filipino heritage" you mentioned it applies only to former Filipino citizens however foreigners whose parent/s who are former Filipino citizens can own real properties through hereditary succession (in order to be specific on a particular property to be inherited they state it on their parent/s will)

Thank you all for this information.
Ferdie, I visited the site Boholrealty already this morning and  yes the prices  of houses are cheaper.
Can you tell me also how much %  a year prices of houses and condo's go up ( or dawn)
Its very pity foreigners cannot be owner of a house that they buy, so in my opinion I cannot call it " investment"
I think it will be good for the condominium market. Do you know the reason why foreigner cannot be owner of a house, but can be owner of condo?
Is it because of the lot or land?
I think in near furure I will buy a condominium, but rent first and look around.  Smiley

Percentage increase in real properties may vary depending on its use with regards to the economic activity on a particular area. Currently Panglao island in Bohol is the highest increase in land appraisal value but in my observation it may soon reach its saturation point - and this is dependent manily on the outcome of the proposed international airport. But generally in my experience almost all real properties in Bohol are increasing.

Is it because of the lot or land?

yes, its the land. according to the law aside from Filipino citizens only corporations or partnership with at least 60% Filipino ownership are entitled to acquire lands and in this case a condominium project falls under this category.

can u advertise more details on the condo project in Dauis, Ferds?