How to buy a condo in the Philippines as an American

The Philippines attracts many Americans with its beautiful beaches, tropical climate, and low cost of living. With English spoken throughout the country and a large expat community, many people see it as a good option for retirement or investment.

Buying a condo unit in the Philippines is one of the easiest ways for foreigners to own property in the country. Unlike purchasing a house or land, which come with strict limitations, condos are accessible to most non-residents.

That said, there are still important rules and considerations you need to understand before making your purchase. Here's what you need to know.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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Table of contents
Can foreigners buy a condo in the Philippines? Can a US citizen buy a condo in the Philippines? How much is a condo in the Philippines? Buying property abroad? Send money the hassle-free way with Wise Financing options to buy a condo in the Philippines How to buy a condo in the Philippines: step by step Best places to buy a condo in the Philippines

Can foreigners buy a condo in the Philippines?

Yes, foreigners can buy condominiums in the Philippines.

Under Republic Act 4726 (The Condominium Act), non-Filipinos can purchase condo units as long as foreign ownership in the building doesn't exceed 40% of the total units. In other words, at least 60% of the condominium must be owned by Filipino citizens.¹

Only Filipino citizens can legally own land in the Philippines, which makes it hard to buy houses or villas. But when you buy a condo, you're buying the unit itself, not the land the building is standing on.

This makes condos the easiest way for foreigners to buy property in the Philippines.

How long can I stay in the Philippines if I own a condo?

Buying a condo doesn't automatically give you the right to move to the Philippines permanently. It can, however, help with qualifying for a long-term visa, such as the Special Investor's Resident Visa (SIRV).

The SIRV program has additional requirements beyond just property purchase, so you'll need to research the complete process. You may also qualify for other visa options (for example, if you're married to a Filipino citizen).

Without a visa, Americans can only stay in the Philippines for 30 days.²

Can a US citizen buy a condo in the Philippines?

Yes, US citizens can buy condominiums in the Philippines under the same rules that apply to all foreigners. As long as foreign ownership doesn't exceed 40% of the units in the building, Americans can freely buy and own condos anywhere in the country.¹

💡Learn more about buying property abroad as an American in our full guide.

Is buying a condo in the Philippines a good investment?

Buying a condo in the Philippines may or may not be a good investment for you, depending on your goals.

If you're planning to retire in the Philippines or move there, buying a condo can be practical. You'll have a permanent place to stay without the complications of renting.

Many condos come with nice amenities like swimming pools, gyms, and security services at prices much lower than similar properties in the US.

If you're thinking of buying a condo in the Philippines as a pure investment for rental income, the rental yields are decent but not high. In 2025, the average rental yield was 5.12% (before expenses like Homeowner's Association fees and utilities).³

It can also be hard to sell your condo in the future because of the constant new construction, especially in places like Manila.

How much is a condo in the Philippines?

Condos in the Philippines are much more affordable than real estate in the US.

On average, you'll pay about 136,523 PHP (~2,453 USD) per square meter for an apartment in the city center and 63,351 PHP (~1,138 USD) per square meter outside the center.⁴

To put this in perspective, prices per square meter in Manila are about 111% cheaper than in Washington, DC.⁵

Here's a breakdown of condo prices in major Philippine cities.

City	Price per square meter (city center)	Price per square meter (outside center)
Manila⁶	198,571 PHP (~3,568 USD)	140,833 PHP (~2,531 USD)
Quezon⁷	134,772 PHP (~2,422 USD)	82,500 PHP (~1,482 USD)
Davao⁸	113,800 PHP (~2,045 USD)	88,333 PHP (~1,587 USD)
Cebu⁹	173,055 PHP (~3,110 USD)	62,037 PHP (~1,115 USD)
Baguio¹⁰	150,000 PHP (~2,696 USD)	81,791 PHP (~1,470 USD)

Looking at these numbers, Davao has the most affordable city center condos, and Cebu has the lowest prices for units outside the center. Manila, as the capital, has the highest prices overall but is still much more accessible than many major US cities.

Philippines property taxes and fees

Buying and owning a condo in the Philippines comes with a few different taxes and fees. These include one-time transaction costs when you purchase and recurring fees after you own the property.

You can expect to pay about 9% to 10% of the purchase price in closing costs and transaction fees. You can sometimes negotiate who pays which fees with the seller.

Fee	Amount¹
Capital gains tax	6%
Documentary stamp tax	1.5%
Transfer tax	0.5% to 0.75%
Title registration fee	Up to 0.25%
Notary fees	1% to 2%

Once you own your condo, you'll need to budget for ongoing property taxes and building fees.

Fee	Amount¹
Association dues	Varies
Amenity fees	Varies
Annual property tax	2% in Metro Manila, 1% in provinces

Association dues and amenity fees depend on your condo building. High-end condos in prime areas typically charge higher monthly dues to maintain luxury amenities like infinity pools and fitness centers.

You should ask about these fees when you're looking at different condominium options to know what kinds of expenses to expect in the future.

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered some of the basics, the only question left is how to send money to pay for your property overseas?

Wise offers you a quick, secure and transparent way of sending money to the Philippines. You get the mid-market exchange rate for your payments and see how much is charged for the transfer before sending the money from your bank.

With the Wise Account, you can also hold 40+ currencies, spend money in 150+ countries, and receive like a local in 8+ different currencies.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

Financing options to buy a condo in the Philippines

Most foreigners need to buy condos in the Philippines with cash.

Few Philippine banks offer mortgages to non-residents, and when they do, the terms are often not favorable. If you're determined to get financing, be prepared for high down payments and interest rates.

When transferring money from the US to pay for your condo, you'll have to pay wire transfer fees and currency exchange rates. International wire transfer fees vary by bank but typically average around 45 to 50 USD per transaction.¹¹

The biggest (and sneakiest) cost often comes from currency exchange. Banks make money by offering exchange rates that are worse than the mid-market rate (the exchange rate you see on Google).

For example, if the USD to PHP exchange rate is 1 USD = 50 PHP, your bank might convert your money using a 1 USD = 48 PHP rate. On a 100,000 USD condo purchase, this 4% difference means you'd lose about 4,000 USD in the exchange.

How to buy a condo in the Philippines: step by step

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1. Determine your budget and financing

Before starting your search, calculate how much you can afford to spend, including the purchase price and all associated fees.

Since most foreigners need to pay in cash, make sure you have funds readily available in your Philippine bank account. Factor in the 9% to 10% closing costs on top of the property price.¹

If you need financing and can't get a mortgage in the Philippines, you may be able to apply for an overseas mortgage with your US bank or work with an international mortgage lender.

2. Find a real estate agent

Working with a licensed real estate agent who has experience with foreign buyers will make the process much easier. They can help you navigate legal requirements and find properties that meet the foreign ownership criteria (60% Filipino ownership in the building).¹

3. Search for properties

Your agent will arrange for visits at a few different properties that fit your requirements. During your visit, ask about:

• Building quality and maintenance
• Amenities and facilities
• Security features
• How close the condo is to supermarkets, restaurants, and other important services
• Association dues and other fees
• Whether the building is pet friendly

If you're planning to rent out your unit, ask if the building is Airbnb friendly. Some condo buildings in the Philippines have strict rules against short-term rentals or have minimum rental periods, such as 6 or 12 months.

Condo living means you're part of a community with shared rules, and your daily life will be influenced by building policies on pets, visitors, noise, renovations, and other aspects of your life. You're less independent, but you usually get nice amenities in return.

4. Conduct due diligence

Once you've found a property you like, have your lawyer or agent verify that the developer has a clear title to the land and all necessary permits, the property falls within the legal foreign ownership limits, and there are no unpaid taxes or liens on the property.

5. Negotiate and make an offer

Your agent will help you negotiate the price and terms. Once you and the seller agree on the terms, you'll typically need to pay a reservation fee to take the unit off the market.

6. Sign a contract

A preliminary contract outlines the terms of the sale, including the price, payment schedule, and completion date. Your lawyer should review this document before signing. This is also typically when you make the first payment.

7. Pay taxes and closing costs

Your lawyer or agent will guide you through paying the required taxes and fees, such as the documentary stamp tax, transfer tax, and registration fees.

8. Sign the Deed of Absolute Sale

This final contract transfers ownership of the condo unit to you. You'll need to make the final payment and complete the registration of your title with the Registry of Deeds. Once the condo is in your name, you're ready to move in!

Best places to buy a condo in the Philippines

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Manila

Manila, the capital city, has many luxurious high-rise condos with spectacular views and amenities. Districts like Makati and Bonifacio Global City (BGC) feature premium developments with rooftop infinity pools and 24/7 concierge services.

Prices to buy a condo in Manila are the highest in the country, but you're paying for developed infrastructure and potentially stronger rental yields.

Quezon

Quezon City has more space and greenery than downtown Manila, but it's still connected to the capital's amenities. Many developments here are family friendly, if you're looking for child-focused amenities.

Davao

Davao City has some of the cleanest and safest urban environments in the Philippines. You'll find much lower prices here than in Manila, but many developments still have modern amenities, which makes them a good investment.

Cebu

Cebu gives you quick access to pristine beaches and diving spots. You'll find upscale condos and beachfront properties with direct sea access here, and many of them can be good options as a vacation or investment property.

Baguio

Baguio is a cool escape from tropical heat, and the condo developments here capitalize on the stunning mountain views with large windows and terraces.

It's not as luxurious and developed as Manila, but it can be a good location for retirees or digital nomads seeking a more relaxed lifestyle.

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Buying a condo is the easiest way for foreigners to own property in the Philippines. It's much more accessible than buying a house because only Filipino citizens can own land. With a condo, you only own your unit, not the land under the building.

The only legal requirement you have to keep in mind is that foreign ownership is capped at 40% of the units in the building. At least 60% of the units have to be owned by Filipino citizens.¹

Cash purchases are almost always the best approach because financing options for non-citizens are scarce and typically come with high down payments and interest rates.

If you're looking for an easy way to transfer money to the Philippines with low fees, try Wise. You can safely wire even large amounts with no currency exchange rate markups.

Sources

1. FederalLand - An Expat’s Guide to Buying a Condo in the Philippines
2. Embassy of the Philippines - Visa
3. Global Property Guide - Gross rental yields in the Philippines
4. Numbeo - Cost of Living in Philippines
5. Numbeo - Cost of Living Comparison Between Manila and Washington, DC
6. Numbeo - Cost of Living Manila
7. Numbeo - Cost of Living Quezon
8. Numbeo - Cost of Living Davao
9. Numbeo - Cost of Living Cebu
10. Numbeo - Cost of Living Baguio
11. NerdWallet - Wire Transfer Fees

Sources checked 05/15/2025