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If you have walked over into any major streets or malls you would see guys/girls handing out flyer to Rent To Own Condos etc etc, as foreigners can buy condo's but cannot own land. They are very aggressive and even local Filipinos avoid them and take other route if they see them from far away.
Due to my work and in need of a faster internet connection and relative safety. I have checked over 100 condos from Makati to Mandaluyong to BGC and they ALL SUCK and this is coming from a guy from a third world country.
1. The condo size are really tiny compared to the money you would pay for.
2. The Condo Admin and Property developers have really bad reputation and once they suck you in with attractive offers, they will simply Ignore.
Go here to read numerous complaints from OFW, FIL-AM who got stuck buying a condo and they are now trying to get rid of it
There is western guy, who got stuck twice in a condo deal and he had posted all details of agreement, went to courts etc and nothing happened
There are no laws here to protect a buyer. Its completely on the side of big business Mafia.
3. Even if you just rent make sure, you check EVERYTHING...The Condo owners are damm cheap and once you pay the money, it ain't coming back...Check...Water Heater, Drainage, Table balance, bed alignments, Bed mattresses, lights, aircon, refrigerator etc....Most annoying, the elevators, in some Condos, even they are all empty, it takes forever for the elevator to show up..
THERE IS NO PROFESSIONALISM no matter how much you pay. You can expect a crappy deal. All good morning, smiles are just to SUCK you in...otherwise no one would buy the crap...
I'm staying at the tallest, newest building in The Philippines paying through the nose and they royally messed my rental agreement and I checked everything listed above except knocking on my walls...to my shock..The walls are created out of cardboard. NOT CONCRETE and I googled and many tenants are complaining. Its a very cheap construct and could fall with a low intensity quake.
The most expensive, tallest, newest building in Manila is made from cardboard walls..No Joke Google it...
The kitchens are microscopic, you can't cook anything plus its electric and power rates in Philippines is highest in Asia and second highest in the world..you loose...
They advertise Pools but the depth of Pools is like 1 meter...The aircon has low power, cheap refrigerator.....Only thing is, it has internet but it cost like 5000 pesos with cable ..8Mbps..
If you move in always rent short term to check...The brokers will try to sell heaven with their smiles along with condo owners but when you start using their so called FULLY FURNISHED condo...they all are broken and need fixing.
Many local Filipinos aren't buying it, on my floor, I'm the only one...All the Condos I visited..They are all empty...The Condo developers have got so desperate that, they are offering..even No Down Payment deals....Just pay the rent and its yours...also, early booking 20% before the condo is constructed..Don't do it..
Yes.....We know, Everything sucks here and we are here for the Girls....My point is the extremity of it...I already knew, everything sucks here like back home except women and nightlife...etc..But what they offer you is borderly Insane....mind you....Im very much used to shit being born in a third world country..but even I'm having hard time buying their sh**t deals on Condo..
However, they are building condos everywhere, Its the most booming city in Asia, even matching on with China level last year....as if the empty condos don't matter....some condos in Makati and Mandaluyong relatively old have been empty for like 4 years now...As we know, Evil is not stupid...They must have some plans....The elites here are connected to secret societies like The Ayalas and Sy's....They must have some knowledge of future which will make more people come to Philippines and rent or buy it....like myself whose life was hell back home and had no choice but to come to Philippines...or some chaos in the west which will force many OFW to come back home...???
Whatever it is..Be very careful while renting or buying condos here...check everything.....We know we are here for women...but check the place where you will spend most time....
Thanks for the good info. I'm guessing you are staying in Gramercy? If so, that's Century Properties which create great amenities (I also love the recently opened Century City Mall) and public areas but use cheap drywall between rooms. They're infamous for that as well as keeping a stranglehold on owners associations of projects they complete so they can milk em for very high fees and overpriced utilities.
Did you check out any condos from Ayala Land and it's subsidiaries, especially those completed within last 3 or 4 years?
I know rents seem high here but put things in perspective. There's a lot of demand to stay in the top areas. I never have any problem renting my condo here out and the yield is great. You see, prices here for most prime location condos are still quite inexpensive relative to similar properties and locations in other Asian capitals. It's only a fraction of what it costs in NE Asia and significantly cheaper than Bangkok or even Jakarta.
I will admit that some of Century's so-called luxury projects seem overpriced. Like Trump Tower which is being built next to Gramercy is going for over 300,000 Pesos per square meter. But guess what? It's not even half done and it's largely sold-out! I guess there's a lot of overseas demand for investment purposes.
BTW, how much does prime location condo space sell for in top areas of Mumbai? I bet it's a lot more than even the best areas of Mega Manila.
Everything in the Philippines is a lie. You need to change they way you think if your going to survive here.
Most people from western countries think its better to buy a condo and own a car, this is not true. Most of the time its better to rent a house and use public transportation for many reasons.
There are some businesses owned by expats that can help prevent you from getting ripped off in some shady business deal. I suggest you consult with them before making any big purchase. This company operates out of Cebu City but they might be familiar with the Manilla Condo market too.
Cebu Expat Services
You're in Manila too? So many members here are in the Philippines. Why don't we have a meetup there? Why don't you meetup with Rock?
Yeah those condo salespeople at the mall are annoying. They are so pushy and aggressive. I don't know why. They always approach me because they think I look rich or something. lol. They offer free tours too but I never take them. I tell them I don't want to live in Manila.
So what does rent to own mean?
What kind of deal did you sign? You should never sign a deal or contract there, unless there's some protection. I would avoid signing any at all, unless it's a short term deal that's not too expensive.
How much are you paying in rent there? Maybe you can post some photos of your place.
I don't get it though. Why didn't you look at the place you're renting first, before signing anything? Wouldn't everyone do that?
How do they get away with ripping people off like that? I mean if they provide a shitty room at high prices, no one would rent or buy it, and they'd go out of business right? There aren't many well off people in the Philippines anyway. So why don't they go out of business?
It seems strange and illogical. If they have nothing to offer or are a ripoff, how do they get enough business to cover their expenses? The Philippines doesn't make sense.
If you want a condo, ask Rock. He knows a lot about the condos there.
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There is boom/bust cycle going on. Cheap money is flooding in from China and other sources so all the banks are giving away cheap credit, with little strings attached. However, you can't trust the quality of things here so like Rock says you have to do serious research and only stick with quality businesses like Ayala which is one of the more reputable ones. I'm predicting that there will be a real estate crash later this decade, that would be the time to buy if you can afford to. Right now Condo's and houses are over valued IMO. The same thing that has put Europe and America in a debt bind is currently going on now the difference is that Philippines is on a different timetable so maybe PI is experiencing what was happening in USA in the early to mid 2000's before the big crash happened in 07. This is why I predict it will go on for a few more years maybe but will probably bottom out towards the end of this decade.
"The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane." Marcus Aurelius, Roman Emperor and stoic philosopher, 121-180 A.D.
Yes...I'm staying at Gramercy...which I really did not wanted to because of rental cost but the other choices offered were not better from BGC to Mandaluyong....Every place had some negatives that over shadowed the positives they told me it had.
I just realized Dry Wall is really dangerous, in case of fire...it will spread out way too quick for hardly any time to escape.
I'm not sure about the Property Developer name But I have checked almost all Condos in BGC from Forbeswood to Trion Towers which the land is owned by Ayalas...honestly, It didn't offer greater amenities than Gramercy but the rentals were a bit lower...Especially, the Forbeswood heights even though only few years old has that worn look and with all interiors looking as if being used over 20 years back..
I didn't had the feeling of THIS IS IT..looking over all the Condos...I couldn't connect with any of the Condos with the price tag they put on...Remember, that I'm from a third world country and I don't need much to be impressed ..I'm impressed pretty fast...as I came from a worse place and even then ...I did not had positive feelings looking at condos in Manila...That has to be called sad state of things in many books ...Even guys from third world countries are not getting impressed with the most prestigious projects the developers are building in Manila.
Yes. I wouldn't want to live in Japan or Korea in their tiny Condos for higher price ..It seems, they are copying all the worst case scenarios from east and the west to milk renters. Philippines cannot compare with Japan and charge higher rates for tiny Condos..because Japan has laws....Renters are protected with BS from Condo developers...Here it is not the case...
In Japan and Korea..I can blindly stay for long term with high speed internet even in tiny apartment if no choice because I know...I won't be messed with as far as rental agreements are concerned.
Bangkok and Jakarta have a bit higher rental but I feel, the space they have is more for the same amount, I got so frustrated that I was actually planning to move to Thailand on their ED visa even with discrimination against Indians.
The amount of taxi time and days I spend looking around Condos ...ohhhh...Its not worth it...Its equal to stay in a small house and apartment in Cebu or Bohol than in Manila...As I have said....Only reason Im in Manila and in Condos is due to my work needing high speed internet....If i had lots of savings or retirement...I wouldn't stop over in Manila ............
Yes. Mumbai is more expensive...But we need to put things in perspective...Mumbai also has the oldest stock exchange in Asia...It also has the most expensive condo in the whole world owned by the richest Indian..Mukesh Ambani
Antilia is a residential complex in South Mumbai, India. It is owned by Mukesh Ambani, chairman of Reliance Industries Limited. It is reported to be the most expensive home in the world and includes a staff of 600 to maintain the residence.
While the New York Times in 2008 reported that it cost $50-70 million, it is believed to be worth $1 billion USD, due to the rising costs of surrounding structures currently in South Mumbai. As of 2014, it remains World's most expensive residential property, as rated by Forbes Magazine.
If you think billionaires are greedy in the west...Come to India...they already own most of the land in Mumbai and have created building that are not worth the price.
Manila is relatively new and Philippines is 100 million compared to 1.2 billion in India...and more rich money in India...so its more expensive there.
As I have said...I'm from a dump....even if few things worked my way..I wouldn't have written this
Those who are buying it..will be sorry later as seen from comments in skyscapper forum...most OFW are unhappy
Townhouses in gated communities are a better deal to rent in Manila area than renting a condo IMO. I'd only rent a condo if I absolutely needed to be in the heart of Makati or something. The only downfall is commuting since these kind of places are usually in cities like Quezon City, Marakina, cities in the metro area of Manila and not necessarily in the 'happening' parts of the metro.
"The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane." Marcus Aurelius, Roman Emperor and stoic philosopher, 121-180 A.D.
How true...Philippines and other third world countries offer more ways to go to the dark side....I could also marry a filipina even if I don't love or like her and get permanent residency and then fool around her back...Most guys I know are cheating on whatever they are doing in Philippines to make quick money...BUT they are completely missing the plot on their existence itself...Yeah...I'm quite high on Philosophy and all that to come to terms being shady ..I cannot change the way I think now..Its too late...even though I know.If I change life will be lot more easier...
Manila is basically a scam city with good souls aka women around...Outsiders mostly Chinese, Koreans, Japanese, Indians completely exploited it with now Filipinos joining the fun...All the greetings and smiles are basically to buy their crap...I shouldn't complain as I'm from a much worse place...where both outside and inside is rotten...its just the observations....
I know about Cebuexpatservices..its good
It will be incredibly hard for a good guy to do anything here unless he makes compromises in quality of services
Yes. I'm in Manila now...Thanks to Murphy Law..I'm now at a place where I really did not wanted to be in...I have planned it over six months and everything came into ruins and I'm just here not on my own making...One thing led to another and I ended up in my present condo.
I'm open to meeting members here...I had made a thread before on meeting as things were going on my side a bit...I guess no members were in Manila then but now...I cannot make a promise to show up ...I can only say I will try my best...as everything is upside down than what I originally planned.
Rent To Own..Basically means...You pay the rent like 8000 to 10,000 per month for 3,5,10 years and the condo is yours...but it has to be with down payment of say 10% of total amount..But now, they are so desperate that, they don't even want down payment...Just live ...pay the rent for 5 years and the condo is yours....we can imagine the desperation on it and what sort of condo that would be to live in
Its worse than I could have thought..They showed me the Condo I would live in and I payed reservation fees of 3k , they asked 5k and on the day of the move in..I checked out of my old condo with all my stuff and met them .....they kept me waiting and after 4 hours..The brokers told me, the owner of the condo has changed his mind and is no longer interested in renting out...WTF....I'm in the middle of no where...with luggage in my hands, paid reservation fees and now they telling me...I have no place to live and I had to start my work in the evening....I did not get angry as I knew Murphy law has planned something worse to come...
And these are the brokers...whom I chose out of 100s...they had the best credible resume and reference ...and this was the result....All i did during my one month stay in Manila was to look for better condo to rent.
The brokers moved me to Gramercy on some other condo with double the fees and deposits...I had basically no money left to pay high fees so they arranged to pay for my one month deposit and I pay two months rent in advance that was the deal now.
I had no choice but to take it or end up in a hotel with wifi for my work for 2500 per day hotel rent and search it out again and I have seen all condos already...and even If i wait in a hotel and search anew..it will be the same crap..
Basically, I was forced into a new deal..or stay in a hotel and search for condos again...which I had already done like 100 times and what I thought were the best brokers and the best deal turned out the worst..
Earlier the deal before Murphy law was. 35k + 10k Deposit With Minimum two months stay or deposit forfeited
After Murphy Law hit me. Now. Two Months Advance + 1 Month Deposit = 70K + 35K deposit with minimum two months stay or deposit gone= I paid over 100,000 PHP Plus more money before moving in thinking I already had a condo so I went out a bit more and enjoyed ...The brokers agreed to pay part of the money for now...so I'm adjusting it...
The negative energies are coming from people here it seems, basically if people were really good, and not fake and greedy...I would have had more options..wherever I looked....its same with touch of more fakeness and cunningness....I'm same as I was in India before...No improvement...All plans ruined...I'm just stuck here with women and nightlife as an outlet which just doesn't complete me...I'm not D**Ck alone.... ...I have a body, legs, face, fingers, toes that needs a good place to rest ..I cannot live on WOMEN alone, Fun all day...We all need a place, where we can rest and re-energize.
I'm cheerful and happy guy and I have gone so deep into the crap on many occasions that I have lost all feelings of negativeness, cheating etc...The feeling of being scammed has become too old and familiar that it does not even evoke any emotional reaction from me anymore on a deeper level than just writing about it and warning members.
Having being born out of Scams called India...I had made myself to prepare for invisible battles more now ...
No mater how hard I will try to evolve myself...The Murphy Law will find a way to screw it all and make me as before...so its an ongoing battle that involved condos and brokers this time...
I will try to upload some images ....in coming days...
I would argue that because commuting in Mega Manila is so much more difficult, annoying, slow, and unhealthy than any of the neighboring Asian capitals/mega cities - Bangkok, HCM, Taipei, HK, Seoul, Shenzhen, etc., it's worth paying a location premium to be in the key business districts, especially if you do any kind of serious work here for which you need to be in these areas. Commuting hours per day with this extreme pollution will bring you down fast. It's bad enough in a clean city like Tokyo lol.
So rents are high in Mega Manila, even perhaps more than in some of the cities mentioned above (eg Taipei). It's supply and demand. Many investors choose not to rent out their condos but rather leave them empty. I can tell you, whenever I put my condo up for rent for a month or two, it goes fast and at a surprisingly high rate. I don't know how you could have so much trouble with a simple Rental Agreement. I've never had problems with these, either as a lessor or lessee. They are very simple and straight forward to check. You must have had some bad luck.
starchild5, it's also important that you distinguish between renting and buying. For outright freehold purchase, condos in Mega Manila are still cheaper than any of the other cities mentioned above. You need millions to touch about anything reasonable in Tokyo. It's hard to find much in HK or Taipei or Seoul for under a million US$ and those are very old crappy buildings, some of which would be considered slums in the USA.
Here in Makati, you can be a very nice 1 bed for US$100,000. $300,000 will get you and a fantastic and modern 2 (or even 3) bed in Rockwell if you shop a bit. Same quality and prime location in Taipei would cost you upwards of US$2-3 million. And Taipei's economy is stagnant. Asian capitals and mega cities are so crowded that property is just generally very expensive. But in that context or in the context of market rental rates, Mega Manila has some relatively inexpensive stuff.
Oh, in spite of the drywall between units, you must admit, Gramercy has amazing amenities - the pools, gym, sauna, function and game rooms, club at top, etc. I've not seen anything as nice in any of the condos I've visited in the cities mentioned above, only in 5-6 star hotels and urban resorts.
Thanks for the info...Yeah..Its my bad luck...Things did not pan out as the way I wished...I haven't lived in other cities you mentioned...so i guess I need to appreciate what I have right now, in-spite of things going wrong for me...
Wow really....I thought other countries will have these facilities in Condos....You made me happy ...I was kinda depressed thinking I got a shitty deal in Gramercy so did not use their facilities..just checked it out...Well..I'm now gonna use all their facilities everyday....It also has a cafe
The Philippines is systemically corrupt beyond measure. It typically infiltrates every aspect of life down to the barangay or even the purok level. A few people opt out of that, due to their own character. But still it persists.
>>>In the Philippines, if you do not know that you are NOT being ripped off, you probably are being ripped off. Unless you know otherwise, you will always be the chump at any poker game.
One of the benefits of living away from the mess in Manila- a simpler life.
My net speed is not good, though I have a little office in CDO and it is better there.
Our land is paid for, and the house was built with cash, modestly as I could afford it.
The construction is all solid, stone, concrete, steel, tile and some wood trim. The steel truss system is built to withstand a typhoon, as are the concrete and stone walls. You cannot get this quality by hiring some contractor here. I acted as my own general contractor and was
on the site every day. Even the gravel that went into the concrete had to be checked to be sure it was not from salt water sources.(It will degrade the concrete.)
My father-in -law calls it an "honest built house". Unfortunately, that is hard to find in the Philippines. I have seen some German expat built houses here that were of high quality also...again, I am sure they managed the construction of it themselves.
Life in the Philippines is NOT something I would recommend for most men...
If you want your house to be built correctly in the Philippines you have to manage the construction yourself or hire an engineer. Its the engineers job to make sure the workers don't screw anything up. Also, you need to tell the Filipino workers if they don't build the house correctly they won't be getting paid. Maybe 1 out of 10 Filipino construction workers does good work. I'll also mention there's hardly any cement mix in the hollow blocks they use in the Philippines which means the rebar and cement poured inside the blocks is what's holding up the walls not the hollow blocks themselves.
Well I did manage the construction myself...and for good measure I acquired two engineers by marriage- my wife is a civil engineer and my father-in-law is a mining
engineer. But yes, unless EVERYTHING is directly managed and verified, your house will not
be well built.. I built my house to withstand typhoons, earthquakes and small arms fire.(Actually I think most spots would take an RPG round.) I think your estimate of 1 in
10 workers being good is on a very lucky day...1 in 50?