Buying a condo or house

Hi there
I live in the UK. GF in the Philippines. We currently rent a 2 bed apartment in Makati.
I’m considering buying a condo or apartment as I’m just spending dead money in rent.
After this pandemic looking for a place to live together when I visit. One day hoping for my GF to make it to the UK, one day. So we’d then rent it or sell.
Looking for something about 3mill php, No mortgage. Exchange rate is pretty good at the mo too.
Anyone have any advice?
As for a house, am I right in thinking a foreigner can buy a house if they lease the land it sits on from a Filipino?
Thanks a lot!

Former natural-born Filipinos can own property in the Philippines, subject to limitations prescribed by Philippine Republic Act 8179 (residential property up to 1000 square meters of urban land or one hectare of rural land) and Batas Pambansa 185 (business property 5000 square meters of urban land or three hectares of rural land).

Philippine real estate law does not allow outright ownership of real property by foreign nationals. Filipinos and former Filipino citizens and Philippine majority owned corporations are permitted to own land, buildings, condominiums and townhouses.

Foreign nationals may buy condominiums units in Philippine condos (shares in condominium corporations) as long as not more than 40% of the units in a project are acquired by foreigners (Republic Act 4726, otherwise known as the Condominium Act).

https://sydneypcg.dfa.gov.ph/gen-info/162-land-owning-in-the-phils

Why Makati? Plenty of other places to live in the Philippines…….. how much do you send a month to the Philippines……?

Thanks for all the info. It doesn’t sound that inviting to invest in PI. It’s frustrating as I’m currently paying dead rent money whilst having some savings to buy.
Not looking necessarily makati. Could be paranaque, caviti, Laguna, maybe even tagaytay, but very busy down there now.
Cheers

I do not know any foreigner who has made money investing in the Philippines in a business, and I speak from experience. However my wife considers that it is a good investment to purchase real estate in the Philippines and she is a Filipina. There may well be benefits from buying a condo and later renting it out. In 50 years I will be dead -I am not expecting to live longer than 30 years, who will care.

If you are happy stay in the direction that you have made and buy a condo.

I found out that in a business I run in Makati I had a manager who couldn't forecast.

Life is so complex isn't it!

Why don't you get your gf to live in Spain, much easier to visit than the Philippines ......

Take your GF back here in England much better and more secure to be here. Or you can easily buy property in Spain why Philippines? All your property will end up with your Filipina/Filipino partner.

Filipinos are overstaying their Schengen visas, and staying three years in Spain and working for the Spanish and then obtaining Spanish Residency.

Spain = visas = sponsor =?

I see! We are no longer in EU!

A Shengen visa can be obtained for any of the countries in Europe

So true ....... I am referring to another country nearer the UK.........

Yes it can, we have had many! However there are limitatations to Schengen visas for the Philippines resident and likewise the 90 day rule for a Brit without wanting to move into the area of long term visa etc.
To suggest it's easy for a Filipino to up sticks and move to Spain without a sponsor in Spain is wrong.

My Uncles are Multi Billionaires and dual citizenship born in America and claimed the Filipino citizenship when they grow up. They have lots of businesses in the Philippines and helps lots of relatives. They actually have successful businesses, they are running extelcom company in the past (don’t know what it’s called now) and they are the constructors of toll gates. If you have the money to invest and has the rights to do so, you can have a successful business in the Philippines.

jrock. You can get a lease for land from your gf but not your wife. for 3 m pesos you could buy a small lot and build a small house in the provence, under your GF name of course.
Better than a condo in my estimation.

Having lived in Madrid I have met so many Filipinos exercising this option. Even my wife came to Sweden on a Shengen Visa, and flew to Spain to join her cousin on this pathway, - we later met married in Spain and she gained through me Spanish residency and before the UK left the EU, she came over with me, and has a British Residence Card.

I spent many holidays in Las Pinas at the home of a decreased wife of mine. So know it well. I prefer a condo with a swimming pool, but I am not into cities.