One thing I forgot to mention:

What may work in favor of filipinos/locals that acted early is that if they barely afforded the property, and the property appreciated rapidly (e.g. seaside in Pasay / Around Mall of Asia or within Makati or Taguig/BGC) then that equity can be used to finance since the original terms of the property would've been WAY lower.

Example:

If you wanted to purchase a condo in Makati - a common unit is SMDC Jazz. in 2016, they were going for about 3-3.5 million pesos, rent was barely at 20,000 pesos a month. This is 60/70 thousand to purchase, $400/month.

To purchase the same unit today, the price has risen 20-25% depending on view and condition - but I've seen people ask 5 million for originally a 3 million used condo and get it sold w/ a chinese buyer CASH within a week.

Chinese then go around and rent it to their workers, and make a 28sqm condo fit for co-habitation of 3-4 chinese workers and charge them 5-10k/rent (or include it as part of their salary/benefits to make sure they can't quit the job.) which means that unit is now giving the Chinese owner/company 20-40,000 pesos a month just to house their own workers.

Local Filipinos are then able to ride the wave and rent a similar condo to a single occupant for 30-40,000 pesos a month. $600-800.

On Airbnb, you can find a monthly rental at the place for about 50,000 pesos. ~$1000.

You can run a quick check on local rates by common real estate scouting:

1. Airbnb/Aridna
2. Facebook groups.
3. Classifieds such as OLX.
4. Contacting a broker.

tl;dr would I invest in Ph condo? Yes and No. They have generous foreign ownership rights for condos and you can use that to gain permanent residency. But if you're over 35, then that route does not make sense as you can get an SRRV.

For profit and speculation - you really have to understand the market. The reason why in Asia, everyone likes new things is because of deferred maintenance and that condos have a maximum life span of "50" years, but, look at the ones that are 10, 20, 30 years old -- you'll quickly wonder if it's worth the headache.

Condo ownership in the PH can work if you act right, and are at the right stage of a cycle. IMO if you're targeting major parts of Metro Manila - you are too late - but the bubble will burst with more regulation or if the government 180 degrees it's Chinese friends.

There is no mortgage equivalent that happened in the USA 08' Recession/Florida houses because:

1. While there is Pag-Ibig, sort of a FHA equilivent, it does not always underwrite and secure loans for housing.

2. Banks are very risk-adverse and while there are defaults and foreclosure, it's very different.

3. The majority of property purchased are self financed by the companies that built them to generate revenue and hope that the area appreciates and the owner defaults so they can toss it back on the market and sell it for a higher price. You'd think this means the developer has the mind-set of making the property last or use high quality materials, but that's not so.

4. Construction, Politics, Lending, Banking, are all very dirty and fun in the Philippines. I'd love to describe some of the stories and experiences I've seen - but you can read up on them on several facebook groups or go to the PH yourself. It is a culture problem and this makes investing in the PH quite a bumpy journey. One great example I can say is Right of Way is non-existant, and essentially if someone wants your property they can grab it via numerous ways.

The highways are privatized, TPLEX, Subic Express Way are owned by the San Miguel Corp - the beer company in the Philippines. They are rapidly expanding and are now going into value/infrastructure investments. It's pretty awe-inspiring learning how/why.

Also, all the companies/orgliarcoplies are a very real thing. It's known, it's obvious - everyone goes along with it because that's how the PH works.

Still, I love the country. :)