A Guide to Davao City’s Buoyant Real Estate Market

Davao is the Philippines’ largest city in terms of land area, and quite expectedly, its real estate market is as varied as the city is wide

The center of one of the three largest metropolitan areas in the Philippines, the city of Davao is expectedly also one of the Philippines’ most urbanized. Similar to its counterparts Cebu City and Manila, it functions as the key commercial, industrial, and educational district of the Davao Region and indeed the entire island of Mindanao, and is also one of the most highly desired in terms of investing real estate and residing overall.

Global real estate website Lamudi Philippines takes a looks Davao City’s buoyant real estate market.

Plenty More to the “Durian Capital of the Philippines”

Having officially garnered cityhood in 1936, Davao City is the main component of Metro Davao, the third most populous metropolitan area in the country. As its center, Davao City serves as the main hub for the region’s commercial, industrial, and educational activity.

What separates Davao City from other major urban locales, however, is that it also has a wealth of outdoor tourist destinations. One of its most recognizable landmarks happens to be Mount Apo, the highest mountain in the county.

From both a tourist and residential standpoint, one of the major draws to Davao City has been its safety. Arguably the safest city in the country already, crowdsourced rating website Numbeo has had Davao City ranked within the top ten of safest cities in the world since June 2015.

Living in and Buying Property in Davao City

Similar to its major metropolitan counterparts, the city has a large population, and in the last census was ranked to have fourth highest in the country. As a city with numerous residents, Davao continues to see the emergence of condominium developments and mixed-use townships in an effort to meet the increasing demand for real estate from its growing population.

Investors considering properties that are near the business district or areas with high and active foot traffic can look into areas like Davao Park District, the first township project in the Mindanao Region. The 11-hectare development is a project of Megaworld Corporation, and is envisioned to become the city’s premiere business district and a major center for the IT and BPO industries. Commercial, industrial, and office spaces are expected to be plenty here, as well as a number of residential units.

There are also existing condominium developments like the Dusit Thani Residences, Ecoland 4000, One Oasis, and numerous others situated in prime locations in the city with relatively easy access to commercial areas, schools, hospitals, and other urban necessities.

Although Davao is highly urbanized, property seekers can also find traditional houses and lots in the city that would be a little scarce. Characterized by extensive mountain ranges and large, contiguous lowland areas, the types of property seen in the city are vast and are able to suit the needs of just about any type of buyer or investor.

Prices of residential property listed online for the city of Davao are currently valued between Php410,000 at the lowest, to as much as Php50,000,000. A coastal city, a number of beach lots are available in the southeast area of the city that are ideal for retirement or vacation homes, or for tropical resorts.

The city’s large area has also allowed it to have a thriving agriculture industry, and expectedly, there are also numerous sections of Davao where farm lots and acreages are situated.


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Myproperty.ph explains what is a prenuptial agreement and why couples about to get married should have one

 

Many couples who are into their nth year (even month) of being together decide to get married because they feel, in all aspects, that they’re ready for the responsibility. Mentally, they believe it’s the most logical next step once they’ve reached a certain point in their relationship. Emotionally, they think they’re mature enough to have kids. And then there’s the I’m-not-getting-any-younger physical aspect. But if all you’ve done in the financial aspect is get stable jobs and save enough money to live off of, you might also want to consider getting a prenuptial agreement.

To most Filipinos, nothing puts a damper on the romantic idea of marriage like a prenuptial agreement. Because it’s a legal contract of how assets will be divided between husband and wife in the event of a separation, they think it’s like anticipating that the union will eventually end, which then kills the romance. But the reality is, money is one of the biggest issues that put a strain on a marriage, which is what makes a prenup even more essential.

So, who needs a prenuptial agreement?

Just because you’re not a high-profile couple that owns a home in Forbes Park and the United States doesn’t mean you don’t qualify for a prenup. The following are examples of when a prenuptial agreement makes sense:
In the event that you have a large amount of assets, such as an inheritance, it would be understandable that you’d want to continue to manage it on your own.
If there is a property that you own with another party, that other person might feel uncomfortable with the arrival of your spouse as a co-owner.
If you’ve been married before and the union resulted in children, you’d want to assure them that they’ll receive their rightful inheritance if you were able to acquire a property from that previous marriage.
Not all countries have the same laws about real estate ownership and disposition. With a prenup, you and your foreign-national spouse will be able to define the ownership of properties that are located abroad.

The three regimes of property relations

Under the Family Code of the Philippines, there are three regimes that will govern property relations between husband and wife: the system of absolute community (considered to be the default property regime), the conjugal partnership of gains, and the complete separation of property. On the other hand, couples married prior to the 1988 enactment of the Family Code follow the New Civil Code, which cites the conjugal partnership of gains as the governing system for property relations.

If you and your future spouse choose not to pursue a prenuptial agreement, what applies is the system of absolute community. This is a what-is-yours-is-mine scenario, wherein the husband and wife will co-own all of the properties they each bring into the marriage, as well as whatever they acquire in the duration of their marriage.

Still, there are some properties considered to be excluded from absolute community; namely, properties acquired during the marriage by gratuitous title, as well as its income, if any; property for personal and exclusive use of either spouse (although jewelry is still part of community property); and property (and income if any) acquired before the marriage by either spouse whose past marriage has resulted in legitimate children. Also, before attempting to transfer or sell any property, both the husband and wife should consent to the disposal.

If you do choose to go through with a prenup, one option would be the conjugal partnership of gains, in which properties acquired by the husband and wife before the marriage will be exclusively his or hers, but all of the all of the proceeds, products, fruits, and income from these properties and those acquired by either or both spouses through efforts or by chance are put into one common fund and considered jointly owned. Should the husband and wife part ways, this jointly owned fund will be split equally between them.

Under the conjugal partnership of gains, the husband or wife can also dispose of their exclusive property in any way without the consent of their spouse.

Another option, complete separation of property, means all assets will remain separate throughout the marriage and in the event of a separation. This doesn’t just mean the actual properties; all earnings from these properties will be separate, too.

Also, if the husband or wife wants to dispose of their exclusive property in any way under the complete separation of property, they can do so without the consent of their spouse.

Remember that a prenup should be executed before marriage, as agreements and changes made after the ceremony (except in cases of judicial separation of property during the marriage) are considered invalid. If the husband and wife would like to change their property relations, they will have to do so by filing a petition in court.

Creating and filing a prenuptial agreement

There’s no strict format for drawing up a prenuptial agreement, but because it is a legal contract, it has to be in written form, as verbal contracts are not considered binding. It has to clearly state all of the conditions that the husband and wife have in relation to their assets. At the very least, it should contain:
A heading stating that the document is a prenuptial agreement
The full names of the husband and wife
The date when the document was written and signed, which should be before the wedding
A clause stating that both parties were willing participants to the prenuptial agreement and that they understood its contents
A full disclosure agreement
A severability clause
An arbitration or mediation clause
The assets to be included in the contract
The division of assets once the couple is married
How debts incurred by the husband or wife will be handled
How assets will be divided in the event of a separation (either through conjugal partnership of gains or the complete separation of property), as well as other particular conditions
Actions to be taken in situations such as the death of the husband or wife, or if either party has a child born out of wedlock

The document is then brought before a Notary Public for notarization and submitted, along with the necessary documents, to the Civil Registry of the city or municipality that issued the marriage license. Once the document has been reviewed and approved and the required fees have been paid, the contract will be registered and a certified true copy to be attached to the marriage certificate will be supplied.

Sources: chanrobles.com, jlp-law.com, news.abs-cbn.com, lifestyle.inquirer.net, domingo-law.com

ABOUT MYPROPERTY.PH

Established in September 2010, MyProperty.ph is a leading Philippine real estate online and print brand that brings property buyers and sellers together. The website’s main offerings are listings of pre-selling properties and properties for sale and for rent. Both website and magazine also provide relevant and updated industry news and information for its clients and consumer
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Single/Single Deals with Love and Romance in the Workplace

Finding love in the workplace can be tricky. Dealing with it can even be more daunting, especially when you are just learning to adult. Embarking on a romantic relationship with a co-worker can sometimes lead to disaster as this may blur the lines between personal and professional.

This week, PhilStar TV and Cinema One’s breakthrough series Single/Single will try to shed some light on the pros and cons of having an office affair with real-life couples like award-winning rom-com directors Dan Villegas and Antoinette Jadaone sharing their thoughts and experiences on how they managed to make it work. They first worked together on the movie “Bakit Hindi Ka Crush Ng Crush Mo?” where Dan was the cinematographer and Antoinette was the script continuity supervisor. They went on to collaborate in film projects like “Beauty In A Bottle”, “Relaks, It’s Only Pag-ibig”, “English Only Please” and “That Thing Called Tadhana”. As their romance blossomed, so did their careers – including the complications that come with it.
Same goes for Joee, one of Single/Single’s lead characters played by Shaina Magdayao. In this episode, she had to deal with working with current flame Steve, played by JC Santos, not just in the same advertising agency, but on the same project at that. Will she be able to balance work and love? Or, will she have to sacrifice one for the other?

What about Matteo Guidicelli’s character, Joey? Is he really letting go of Joee despite the fact that they seem to still have feelings for each other when they together in Emerzon’s wake?  With the pain of losing their friend still fresh in their hearts, how can they face these new challenges and possible heartaches?

Find out in episode 4 of Single/Single, an engaging comedy series, now on its second season of tackling relevant issues of the single urban millennial. The show also stars Anna Luna as Ranee, Brian Sy as Benny and veteran actress Cherie Gil as the feisty Tita Bianca.

Single/Single airs every Sunday at 10 PM on Cinema One, with replays on Wednesdays at 8:30 PM and Saturdays at 9PM. Past episodes can also be viewed on www.philstartv.com.

For more updates, visit www.facebook.com/SingleSingleC1 and follow @SingleSingleC1 on Twitter and Instagram.


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