Category: Property

Most Expensive Median Home Prices in Philippines 2014

Top Ten Most Expensive Median Home Prices in Philippines 2014

Results from Lamudi Philippines show these subdivisions have the most expensive median home prices from their sales records.

Location and Median house price PHP and Australia$

1. Forbes Park, Makati – Php382.9 million A$11,965,625
2. Urdaneta Village, Makati – Php236.3 million A$ 7,384,375
3. Dasmariñas Village, Makati – Php200 million A$ 6,250,000
4. Corinthian Gardens, Quezon City – Php155 million A$ 4,843,750
5. Greenhills, San Juan – Php134 million A$ 4,187,500
6. Bel-Air Village, Makati – Php80 million A$ 2,500,000
7. San Lorenzo Village, Makati – Php76 million A$ 2,375,000
8. Valle Verde, Pasig – Php64 million A$ 2,000,000
9. Ayala Alabang Village, Muntilupa – Php57 million A$ 1,781,250
10. Magallanes Village, Makati – Php35 million A$ 1,093,750

www.lamudi.com.ph/journal/metro-manilas-expensive-subdivisions-buy-home

Report dated November 2014

A$ conversion at Oct 2015 FX rates

Can a Foreigner Buy Property / Real Estate in The Philippines

Buying Property or Real Estate in the Philippines

Can a Foreigner Buy Property / Real Estate in The Philippines ? Yes and No.

Can a Foreigner Buy Property in The Philippines ? Yes

Can a Foreigner Buy Real Estate in The Philippines ? No

What is the Difference between Real Estate and Property?

Real estate is “property consisting of land and the buildings on it”

Property is “Something that can be owned”.  This could be a House, a House and Land package, a Condo, etc. A very wide description.

Under the Philippine Constitution only Filipino Citizens are allowed to PURCHASE land in the Philippines.

Condominium Act: http://www.lawphil.net/statutes/repacts/ra1966/ra_4726_1966.html

Philippine Constitution: “Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold lands of the public domain.” (Philippine Constitution Article XII, Section 7)

Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines. One exception to that rule is a purchase of not more than 40% interest in a condominium project by foreigners.
http://www.sec.gov.ph/investorinfo/opinions/ogc/cy%202008/08-27.pdf

 

Real Estate in Puerto Galera

Websites for Property for Sale in Puerto Galera

Property Buying costs:

From: puerto.pgli.jp

  • Attony’s fee　1% of purchase price
  • Capital Gain Tax　6% of purchase price
  • Documentary Stamp 1.5% of purchase price
  • Transferring of title Certificate 0.5% of purchase price
  • Tax Declaration　PHP 100-500

From: www.housinginteractive.com

  • Philippines Capital Gains Tax – 6% of actual sale price. This is paid by the seller but in some cases it might be expected that the buyer pays. This percentage could differ if the property assessed is being used by a business or is a title- owned by a corporation, in this case the percentage is 7.5%
  • Philippines Documentary Stamp Tax – 1.5% of the actual sale price. This is paid by either the buyer or the seller upon agreement. Normally however, it is the buyer who shoulders the cost.
  • Philippines Transfer Tax – 0.5% of the actual sale price
  • Philippines Registration Fee – 0.25% of the actual sale price