I am thinking of buying a property in The Phillipines – Manilla.
Does anyone have any experiences or suggestions for property investment in Manilla?Church of The Holy Smokers
[email protected]The one story I have re investing in the Phillipines is at least 10 years old. A friend bought commercial property and created a business in partnership with a local (which was the only way it could be done then). My friend provided all the finance. The business ran quite successfully for a number of years. My friend and his business partner and respective families appeared to establish quite a close relationship. The business partner in the meantime manipulated the systems so that he ended up the owner of everything. My friend couldn’t find a way through the culture, bureaucracy and corruption that would have made it worth his while to pursue legally so lost said business and property.
My friend left the running of the business to the partner and got slack re keeping up to date with how it was really going. If he had stayed more in touch with the business this may not have happened.
Anne.
A friend of mine invested in a brothel in Manila, but lost everything when the local Mafia muscled in. He did have a good time checking up on his investments though.
Hi Cosmocom,
my family owns quite a few property in the philippines, we bought it off the plan from a development corporation there, in an area called Landayan – San Pedro, / Laguna, we also have alot of acerages and farm land there too.. though there is plenty of risk in buying in the philippines is not worth it at all..
some of my own family is from there, and i can honestly tell you that, even some of our own family members ripped my mother off on the deal and transaction..
theres alot of corruption there, ive been there several times in the last year and over the years, and did have a look at many properties in Manilla, and a long UN drive and along the boulevar, a few of the units i had a look at were aroung 840,000 peso’s, though thats quite cheap, unless your going directly to a sales and marketing office…
my uncle there is a developer, and what i can say honestly, he makes big money and all there, theres a lot of corruption, under the table dealings, and alot of people have bought properties and soon to find them, being squated by people very less unfortunate…
i would honestly, suggest you dont buy there, and look for a safer area to invest, not only that, property ownership there for a foreign, the share is not equal at all..
Cheers,
sis
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