If Philippines were to allow foreign real estate ownership what would be the effects?

[Old55]

Let's say Bong Bong has his way and foreigners will be allowed real estate ownership. 

Do you think it would encourage more foreigners to live in Philippines?

Chinese may buy property in Philippines like they have in Vancouver BC and other US West Coast cities. Not sure that would be entirely a good thing or not.

Do you think prices would rise? If so would Filipinos be resentful or see it as an opportunity?

[Possum]

Chinese would buy anything worth buying, they are desperate to move money out of China. Prices would skyrocket. The rich would get richer so it may well happen.

Now if the Philippines imposed a 60% tax on foreign buyers as Singapore does that might slow down the Chinese. The inability to own land in the Philippines should not deter anyone from retiring here.

Edited May 10, 2023 by Greglm

[Kingpin]

14 minutes ago, Greglm said:

Chinese would buy anything worth buying

Unless they can't

Quote

 

Texas State Senate bill bans Chinese from buying property

https://www.foxnews.com/video/6320463832112

 

Exceptions may include permanent residents, or - even better - permanent residents, married to a citizen (13a). 

59 minutes ago, Old55 said:

would Filipinos be resentful or see it as an opportunity?

Considering that Filipinos can own property in related foreign nations, I couldn't care less how they see it in their own nation. It should happen, with restrictions as above.

 

 

[BrettGC]

3 hours ago, Kingpin said:

Unless they can't

Exceptions may include permanent residents, or - even better - permanent residents, married to a citizen (13a). 

Considering that Filipinos can own property in related foreign nations, I couldn't care less how they see it in their own nation. It should happen, with restrictions as above.

 

 

I still like your previous idea from another thread of limiting it to foreigners that are permanent residents such as 13a and retirement visas.  

I'd also restrict it to individuals an no corporations who would just flip it for massive profits squeezing out young Filipino families etc.  

Either way it would be interesting to see if the industry actually became a little more regulated than it is now as most westerners would not put up with the procedural minefield and mess of buying property in PI.  

No one can answer my question as to the status of my wife's house with regards to title as it was one of the thousands gifted to Filipinos by Marcos Sr during the 70's and 80's.  My wife bought the land legitimately from the original recipient, but as to the title...  Even the local lawyer is scratching his head.  Anyway, the point is, generally a westerner wouldn't even look at the place and many others like it once there was any doubt at all.  

[JJReyes]

The current administration is simply thinking out loud about foreigner ownership of land.  Difficult to accomplish since this will require an amendment to the Philippine Constitution.  Convening a Constitution Convention (Con-Con) is something the administration is against because it opens up a can of worms.  I believe a Con-Con requires the election of delegates.  Each delegate will have their own amendment proposals.

[BLM]

I agree that buying land here would be is a big risk. Who knows if the deeds are any good and if a long lost owner somehow shows up. A foreigner will not win a dispute, especially after the land is developed and a big house built. They will hold off until the last coat of paint goes on, then "Surprise! You are in my ancestors place."