Will There Be a Philippine Housing Boom?
One of the shortfalls of the Philippines from the viewpoint of foreign investors and retirees is the difficulty of owning property for an outsider. This issue has two main components:
- A prohibition in the Constitution that prohibits foreign land ownership. (don’t look for this to change any time soon.
- And archaic, sometimes even non-existent plans to finance the investments that are legal .. condominiums. I’ve seen many plans with ridiculous terms like a few thousand down, a few thousand a month for 2 or 3 years and then the balance due upon delivery.
Those sort of plans aren’t plans at all to foreigners used to a healthy housing finance infrastructure.
This article shows a number of banks as well as Pag-IBIG (the Philippine government’s housing bond program) are now moving with the times and making financing a home in the Philippines more of a possibility. God news for home buyers and good news for the Philippines.
Related posts:
- More Great Fares From Clark
- Good Chismis (Philippine Gossip)
- The Market Expands — At Least I Hope It Does
- Philippine Living One Day At A Time
- Philippine Fairy Tales and Other Bedtime Stories
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