Just about ten years ago, Cebu was famous because of its tourism industry and if we go through some recent facts and figures, it is really a city that has the fastest economic growth of five percent every year. In keeping this pace with rapid growth, many real estate opportunities have now sprung all over the city. Individuals are now actively thinking about relocating in this city just because of its huge economic growth rate. From a studio apartment to the condominiums and mansions, the real estate market in this city presents some of the best opportunities for anyone who likes to settle here in this city of Philippine.
It is important to mention the word of caution. It obviously sounds as a lucrative deal for overseas investors to own a property in Philippines at just a fraction of the cost that will be needed to buy a property in their native countries. However, for a foreigner to acquire a property in Cebu, he/she must have Philippine girlfriend or wife because the property can only be purchased under her name. Moreover, there are some limitations on the property type that foreigners can buy here. Now real estate regulations state that only the condominiums can be acquired by the foreigners who are engaged in a committed relationship with some native woman and this is the only way to own a property in Cebu for a foreigner.
While buying property in Cebu, you must arrange a local agent. There are various reliable agents, so try best to hire a contractor who is reliable and has license. Find a person who has a well-designed website and he/she can present the clients’ testimonials that can be verified. Even after you get in contact with someone who is reliable ensure that you are checking property personally before signing the agreement. The inspection process must be professionally accomplished because only a visual assessment is not enough. You can get help from certified property inspector who can inspect the overall factors of that home. The property inspector must have some degree in engineering or architecture; just follow these recommendations of the inspector before you make any decision to purchase property in Cebu. In the last, try to negotiate as much as you can to set the right price of property that you are buying.