Hi,
Apart from CraigList, can anyone pass on their thoughts on a good real estate firm in Makati, who can offer market advice and help with finance i.e. opening bank accounts etc as a non resident ?
I m looking to buy a condo in Makati, but don't want to buy offplan, because
1/ Want to use it now, not 2 yrs time
2/ They seem overpriced.
Many thanks
Been thinking about buying in Makati also , but like yourself need to find out more , the foreign ownership thing worries me a bit as well as the legal stuff not to mention the possible fall in the currancy
M&M
we plan to buy one as well. i asked my bestfriend to look one for us there. And one of my friend here in the uk is also offering me to buy as they are on holiday now in the philippines to check the condo while they are there. So once they come back i will just compare prices then. hope could get the best price
hi,where in makati?because it is a big place,i live there about 10 years,before i come here in the uk,i have friends she is in real states, if you want to contact me i can ask to my friend,and ask her,...
I guess I think it would be best to be next to a good mall.
So either Rockwell or Legaspi/salcedo Village.
I think I prefer legaspi/salcedo, out of the two, because even though rockwell is nice, it is only just a smallish mall surrounded by condos.
Yeah currency is a worry. I was hoping to wait until it is reasonably weak, around 95 ish and then do a quick currency trade, so I have the funds blocked out.
I think I will do some research when I go over next week. Not sure why I m responding to my own posts!
In one of the london feebies there was an advert beat the credit crunch and one of the four locations mentioned was phill how you could get this much return etc.
Looked a little bit to good to belive as the figures for the phill one just dont make sense and as phill has it appears to be in just as much problems if not more than the UK i cant see the figures being realised.
Wheres the company based from the propety companies i have spoken to (mainly when bored at malls when you ask about uk offices and even the office in phill etc seem a bit fly by night.
If you check out the Uk address its a house or a shared office.
I would look into the matter big time.
How will exchange rates affect you?
Is it Pounds to pesos or dollars or some bizzare combination which i have seen in the past.
Various ways of playing currency markets, but as you say the Phillipine economy see saws, so I d just wait for a good entry point when the currency is suffering. I d definitely convert a chunk of money if it ever got to 110 to the pound, which with Phillipines being a satellite of america, is not that implausibleOriginally Posted by andypaul
I mentioned all this as the Wife and I looked at it back in feb 2005 when the rate was 115 to the pound which i dont think has ever been equaled before or since for anytime.
if it does unless sterling makes a dramtic recovery (unlikely i would have thought) Phill has to be in a right mess which i dont wish on the people living there.
Just highlighting that many of the Places for sale seem to be offering far to much for phills current and short term future and the laws on advertising and the like are very different to here.
If they tell tales about how much you might earn and the worth of the propety what else do they forget to tell you or make up?
Another thing to bear in mind i heard from people who have gone down the condo route is bear in mind what happens if a dispute between you and the neighbours occurs ie leaking pipes etc. If the people in the flat are all local top end people i.e phills with money and possibly far more infulence it may get complicated for the Brit.
Of course you can have someone on the ground to deal with the actual physical issue but may get complicated if you need to claim compensation...
Also who will look after the flat, my Wife and her friends all joke the security guards and Maids are the ones to watch out for, family are the ones most likely not to look after it safely but as one poster on here found and i know others have found many familes have black sheep who can cause problems.
When i mention currency some of the companies will take your pounds, pesos or dollars all can move as you say so best to be very careful.
As you say Asia has a better future (barring any major incidents or events) in general than the UK so if thats true very unlikely to see 110 pesos to the pound sadly for our pockets
That said sadly I dont think thats the case China and other asian countries have major inflationary problems which im told could be worse than what we have here. So it could happen if sterling makes a dramtic recovery.
Wen China revauled its currency a few years back almost straight away the peso jumped agaisnt the pound. I think the Peso is not so tied to the dollar as it was as it has done the inverse of what the dollar has in the last year or so it appears to me.
As for the next couple of years possibly four(if no major incidents or events occur) fuel and food prices are set to rise or at least stay much higher than recent history around the world.
Although Phill has a lot of raw materials to export its looking like most of that money will go to proping up the ecomony as many countries are doing.
Six months ago people on here were telling me Phills ecomony was going to boom in the near future I hope it does but the people I spoke to then and now think like every where it will need major changes in the world and local outlook for that to happen sadly.
A condo would be great and like you say keeping all your stuff there so no hassle with luggage and what not would be ideal for many but i just noticed when we looked into it a lot of minus points which you should be aware of imo.
I mention the minus points as most people can see the benefits which are of course many.
Good luck Rob i hope you find a nice pad
Wow, 115 to the pound ? hindsight is a wonderful thing ! I m not so optimistic about the macro-economic trends for the Phillipines, so I think somewhere over 100 to sterling is liklier than not, within my timeframe. Anyway, I d be looking only to pay 40% down and finance the rest in peso's, so currency fluctuations might not be so catastrophic.
I totally agree buying in the phils, could be a minefield, which is why I was looking for some guidance from those more knowledgeable. I think estate agents/realtors lie the world over, so I m not so concerned into that translating into substandard running of the building I chose.
Interesting what you say about rubbing against people who are well connected etc, if you have problems, I guess that's one of the features that still makes it a third world country.
I m starting to narrow my thoughts down and quite like the Shang Grand Tower and The Greenbelt Residences, anyone got any thoughts on those ?
I agree with you about the Legazpi Village area - near to everything, but less hectic than other areas. My wife has always praised properties by Ayala - particularly the aftercare of the building. Some condos/subdivisions look great at first, but a few years after completion they start to look shabby due to lack of maintenance. That's why we're buying an Ayala condo in Legazpi Village (off plan & ready to move in in 5 years!) Ayala also have a rental business, so the property can be rented out if necessary.
Yes I noticed Ayala seem to be the big boys in town. Definitely think Legazpi is cream of the crop condo living in inner city spots in manila.
I own a condo in Manila, near Malacanang Palace and it cost me from 5 years ago £30,000. It's not like Salcedo in Makati. So In those areas of Salcedo, expect to trple or quadruple that amount. The only problem is that foreigner has difficulty owning a private place unless partnered with a local.
Even if I like to stay some days in Makati, I would not buy a condo there (I mean not only in Makati but in Metro Manila) because of the pollution. I prefer a house in the countryside or near the sea... why to go there and stay in a town? it's a nice tropical country, try to enjoy it.
Go south.... even just south of Manila. You have new subdivisions coming there (like Eton City South Lake village or Century Canyon Ranch, that's just 2 examples). You have nice houses subdivisions in Cavite too. All far better air than in Manila...
Best regards.
Yves
One of the reasons we're buying a condo is perhaps one of the most popular reasons why foreigners buy them - foreigners can't own land in the Phils. My wife is embarassed that our money has bought a house & lot in the provinces, but I'll never own it. My wife doesn't think foreign land ownership will happen in the Phils in the medium term - it's a too emotive issue.
I don't see where is the problem
I'm happy with this system, it do not bother me or her.
Best regards.
Yves
Yves,
You obviously dont have any bitter and twisted divorced friends!
I m not bitter and twisted as I havent been married yet, (ho ho, only joking happily marrieds), but some of the lengths I ve seen people go to, to protect their assets in future relationships, boggles the mind.
Having said that.....
Greenbelt area condos are nice also but a bit pricey cuz the place is surrounded by a mall and it's in the heart of Makati financial businesses. You could also check out condos located in The Fort, Taguig, it's just adjacent to Makati. The place is starting to boom with lots of new buildings, new restos, mall, even the well known club "The Embassy" is located there. Incidentally, the British Embassy relocated there recently.
do u really want to buy a condo in makati?Makati is the most expensive place in phils.why not trying to look to the other places like subic,boracay or in tagaytay area.its nice and cold also there but not cold as in here.lot of foreighners also live there coz of a nice view of 'taal lake'.
Taal lake is ok,but what then? Tagaytay is also getting a bit pricey now..We looked at a lot which was over 10,000 per sqmtr.. A bit much.
fred,its not much really.coz the place is lovely & nice.espclly a lot of foreighners live there also.no traffic,and no pullutions.its up to u then if what do u want to do in a day.u can fishing in taal lake,u can walking with ur dog if u have[like what people doing here in uk].
I don't see where is the problem . I don't mind who is really owning (legally speaking), me or my wife. It's exactly the same. We are married and it's for both of us if we buy something there...
I'm happy with this system, it do not bother me or her.
Well said A Flyer. We have a condo in Makati and it is in my wifes name. I do not have any problem with that we are as One, so no worries
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