One of the most common concerns amongst Overseas Filipinos on real estate investments is their hesitation to invest due to being afraid of falling victim to scams. Horror stories of OFWs pouring in hundreds of thousands of pesos make some OFWs reconsider and shy away from investing altogether.
The good news is that over the years, these scams have been put on the spotlight, with overseas Filipinos given more comprehensive tips to avoid falling into these situations.
Here are the top three tips they should always keep in mind to avoid real estate scams:
Ask for proper identification from your agent. Your preferred real estate agent will be your most dependable ally that will fulfil your dream of owning property. This is exactly why OFWs should be very discerning of who they’re talking to. OFWs are advised to get an authentic proof of identification – most especially their real estate broker license from the Philippines’ Professional Regulation Commission.
Talk to trusted real estate developers. The easiest method to prevent real estate scams in the Philippines is to purchase your property from a reputable developer with years of experience building houses for Filipinos. These real estate developers can easily vet if the agent you’re dealing with is under their wing since they provide IDs and other pertinent documents that the agent can use to prove that s/he indeed is affiliated with the developer.
Research. Research. Research. OFWs are sometimes enticed by the low prices given by some developers. This is why you should conduct market research and consult fellow homeowners about the appropriate price range for land or a house and lot for sale. As a general rule, do not pay for unexpected pricing, whether they are unusually high or extremely low.
The Philippine Property and Investments Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
