Are you pondering on buying a piece of real estate in Cebu Philippines? You are making a sound decision—after all, Cebu is one of the fastest-growing provinces in the country and is the business capital of the Visayas region. It can be profitable to invest in a property in this province if you know what you’re doing. Keep these tips in mind if you want to buy real estate in Cebu Philippines.
- Browse online real estate platforms for property listings
The easiest and quickest way to see available real estate in Cebu Philippines is to check out properties listed on reliable online property portals. This will quickly show you your options and give you a clear idea of the choices and price points available. You can also compare different properties and see which one is the best suited to your budget and requirements.
- If you are a foreigner, find out what properties you are allowed to buy
Philippines laws do not allow foreigners to buy land in the Philippines. But don’t worry—non-Filipinos still have several options. One, you can just lease a public or private land for 25 years (renewable for another 25 years). You can also buy landed property through a Filipino spouse or a legal trustee. The third way to buy property in Cebu is to form a corporation with 40% capital coming from you and 60% coming from a Filipino.
You can also simply buy a condo. Foreigners are allowed to buy condos in the Philippines because these types of real estate properties do not involve land.
- If you want to buy a beach property, note that the shoreline is owned by the government.
Cebu’s beaches are some of the best beaches in the world but do note that you only own the property that you are buying—not the shoreline. You will need to get a Foreshore Lease from the government if you want control over the beach from the high tide mark to the low tide.
About the Author:
This article is written by Aakanksha Sangtani, working as an Executive Assistant at Housal Inc., an online platform for real estate, addresses the unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.