Philippines
Share

The land-related law of Philippines does not allow the foreigners to own the land, however, they can invest in apartments as well as condos in high-rise buildings. The only restriction is that the foreign proportion does not exceed a total of 40 percent. The foreigners can buy a house, however, not a land on which the house is built. The lease on land is given up to 50 years and the same is renewable for the next 25 years.

Land by foreigners can also be acquired by the way of corporations. The property in Philippines, both in case of residents as well as non-residents, be acquired by the way of a simple agreement. The buyer signs a binding notarized Deed of Sale. While buying condominiums by the foreigners, a down payment of 10-30 percent is to be made. The ownership of these condo units is then evidenced by the Condominium Certificate of Title. But the process of buying land in the country by the foreigners is very tedious and cumbersome.

The following are the legal procedures carried out during the transfer of the title:

  1. Owner and buyer agree upon the sale of a piece of land. A Deed of Absolute Sale is created and notarized by the lawyer.
  2. Real estate tax is paid to the City Treasurer’s Office by the buyer.
  3. Market value of property is made.
  4. All the transfer taxes are paid by the buyer.
  5. Capital Gains Tax as well as Documentary Stamp Tax are paid.
  6. Old titles are canceled by the Registry Deed and the new ones are issued in the name of the buyer.
  7. Buyer becomes the new owner of the property.

The following is the charged ratio of the tax while making an investment in the property in Philippines, both by the residents as well as non-residents:

  • Notary fee is charged at the rate of 1-2 percent of the property value.
  • Local transfer tax is charged at the rate of 0.50 percent of the property value.
  • Documentary stamp tax is charged at the rate of 1.5 percent of the property value.
  • Real estate agent’s fee is charged at the rate of 3-5 percent of the property value.

 

Population In Philippines

Population
109.6016.63%
Population Change
93.97 MillionYear 2010

GDP In Philippines

GDP
36180.50%
GDP Change
200 BillionYear 2010

Inflation Rate

Inflation Rate
4.90%16.67%
Inflation Rate Change
4.2 %Year 2010

Unemployment Rate

Unemployment Rate
5.80%61.11%
Unemployment Rate Change
3.6 %Year 2010

Loan Growth

Loan Growth
N/A 0.00 %
Loan Growth Change
N/A

Lending Rate

Lending Rate
7.1 %-7.79%
Lending Rate Change
7.7 %Year 2010

Tourism Revenue

Tourism Revenue
N/A 0.00 %
Tourism Revenue Change
N/A

Tourism Arrivals

Tourism Arrivals
7.17 Million103.69%
Tourism Arrivals Change
3.52 BillionYear 2010

Terrorism Index

Terrorism Index
7.14 %2.44%
Terrorism Index Change
6.97 %Year 2010

Crime Index

Crime Index
N/A 0.00 %
Crime Index Change
N/A

Average Monthly Net Salary

Avg Monthly Net Salary
N/A 0.00 %
Avg Monthly Net Salary Change
N/A

Home Ownership Rate

Home Ownership Rate
N/A 0.00 %
Home Ownership Rate Change
N/A

Housing Price Index

Housing Price Index
N/A 0.00 %
Housing Price Index Change
N/A

Rent Today

Rent Today
N/A 0.00 %
Rent Today Change
N/A

Rent per sq m Today

Rent per sq m Today
N/A 0.00 %
Rent per sq m Today Change
N/A

Rental Yield Today

Rental Yield Today
N/A 0.00 %
Rental Yield Today Change
N/A

Price to rent ratio today

Price to rent ratio today
N/A 0.00 %
Price to rent ratio today Change
N/A

Price to gdp per cap

Price to gdp per cap
N/A 0.00 %
Price to gdp per cap Change
N/A

News

Number of news article 0
Date Activity