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Cost to Purchase a House
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Is $10,000 USD enough money to buy a house in the Philippines?
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Is $10,000 USD enough money to buy a house in the Philippines?
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Unless you are thinking of buying in remote villages, I don't think you can buy houses for $10,000 USD anywhere in the world. You will not be able to buy even a basic house in small towns of India and Nepal for less than $50,000 USD. Philippines is comparatively a more developed country.
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Depends on where exactly in the Philippines, but generally, NO. It is enough for a downpayment, yes. I answered a similar question in detail, but for USD10, 590. Holly Benedicto, former Corporate ConsultantAnswered May 30Is $10,590 USD enough money to buy a house in the Philippines? No. That’s just Php500k. The things that determine Philippine real estate prices are obviously demand and location. And usually demand is higher in cities where business and employment happens, while demand will be a little lower in the surrounding suburbs and even lower in rural areas. You can use sites like carousell and lamudi if you’d like to confirm the prices I indicate below. These prices are as of 2021. In Metro Manila, Php 500k is a third of the downpayment for an average, middle-class 2BR condo with DMCI which is one of the best condo developers here. DMCI condos of about 40–60sqm typically cost between 6–9M Php nowadays (USD 126k). They require 30% downpayment, sometimes allow for 20%. Upper middle to rich class condos can be 21M and up (some Megaworld developments in Mckinley West, for example). House and lots in Metro Manila are either the same price or much more expensive, depending on the neighborhood, developer and location within the capital. Middle-class homes like the ones made by Camella are 5–7M, very small, too, and usually in this weird pink or adobe color you can’t change. They may also be located in areas that are far from business districts and will thus require longer commute. And that’s fine, but you also have to know we have one of the worst traffic situations in the world. That puts the average price of middle-class condos/houses at around Php100–150k/sqm (USD 2k/sqm). Homes of the rich in neighborhoods like Forbes are 50M and above (USD 1Million). There’s Ortigas and Alabang as well. Not sure if Quezon City has similar high-end communities, I never lived in the area so I’m not familiar. You might be able to see craigslist-type listings on Facebook Marketplace of people selling their really small, dingy, unfinished homes in not-so-great neighborhoods in the Metro. But if you are a foreigner, I would not suggest living in those areas. Even Filipinos wouldn’t if they could. They are not safe. In the provinces near Metro Manila (like Laguna and Pampanga), the cheapest houses are 1M, and those are very small (60sqm) and you will likely have a not-so-great neighborhood/community. Middle-class homes are at least 2.7M and usually at least 100sqm cuts of land plus a house that is at least 70sqm. You might be able to buy a small lot but will need more money to build a house. How much more depends on what kind of house. You can probably get a bahay-kubo (wooden hut) built for less than 200k. However, I have never really seen lots being sold for just 500k in Luzon. Maybe you will have better luck in Mindanao, which is farther away from the nation’s capital, you can buy a bigger cut of land in a rural area. I recently saw an ad, for example, for a Php2M lot that was 300sqm, which means the price is a mere Php6000/sqm (USD 125/sqm) which means Luzon prices are at least 16x higher than Mindanao prices. I don’t think foreigners can own property here though. You’ll need to work with a local or if you’re married to one, it might be possible. 214 views · 1 upvote