One way of ensuring wealth is by accumulating lands, houses, and condominium units. Why? Because as time goes by, its value increases. Moreover, people who own these properties can do either of the two: sell them or use them for their own business/establishment. The government declared numerous laws that revolve around this specific topic. Most of these laws try to stop illegal ways of acquiring and owning certain properties in the Philippines. On top of that, these decrees also try and regulate ownership and equity in acquisition.
In this article, we are going to share some of the questions you might ask before you buy or sell properties here in the Philippines. Make sure that you double check this article if you are having doubts on your decisions. This is to ensure that you won’t be troubled with your business.
First and foremost, who can buy real estate properties in the Philippines?
In general, all Filipinos can acquire properties here in the Philippines; even former Filipino citizens can. However, the latter type has certain limitations. No matter what nationality you are now, if you’re a former Filipino citizen, you can still buy or acquire land here in our country. If you’re planning to buy a property in the urban area, you can buy only up to 1, 000 square meters. But, if it’s located in a rural area, you can buy up to 1 hectare.
Can foreigners own land here in our country?
Unfortunately, no. Foreigners or non-Filipinos cannot acquire or own land here in the Philippines; they cannot own house and lots. However, if a foreigner marries a Filipina, the wife (Filipina) has the right to buy a property (land; house and lot). Nevertheless, foreigners can buy and own condominium units.
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