Iloilo City Real Estate: Condos and Houses for Sale

Iloilo City is spread across districts that were once separate towns. Mandurriao holds the modern business district and the Iloilo Business Park, with malls and condo towers near the airport. Jaro has a cathedral, a plaza and old family homes, Molo has a Gothic Revival church known as the "Feminist Church" and La Paz is known for its batchoy noodle soup. The Iloilo River Esplanade is a landscaped promenade used by joggers and cyclists.

The city is a regional hub for call centres, retail, education and health care, and the airport connects to Manila, Cebu and other cities. Boracay, Guimaras and Antique are within reach for weekends. Compare with Metro Manila markets such as Makati, Taguig and Quezon City, where prices are much higher.

Foreigners cannot own land in the Philippines but can own condominium units, provided that foreign ownership does not exceed 40% of the project. They may also own buildings on leased land, and recent legislation allows long leases for investors. Ask a Philippine lawyer to check the condominium corporation's foreign-ownership ratio before you pay.

Approximate costs (verify locally): documentary stamp tax of 1.5%, transfer tax of about 0.5% to 0.75%, registration fees, and agent commission of around 3% to 5%. The seller usually pays capital gains tax of 6%, but this is negotiated. Pre-selling condos are common, so check the developer's licence to sell and the delivery history. Our Philippines consultation guide, financing page and country overview explain more.

Iloilo lies in the typhoon belt and some districts flood during heavy rain. Ask the condominium corporation about the building's flood history, generator capacity and drainage, and check the elevation of low-lying houses. Newer towers are built to modern codes, but older buildings and informal housing vary in quality. A structural engineer's inspection is worth the fee. Insurance for typhoon and fire damage is available, and developers usually arrange basic cover for common areas.

Association dues in condominiums can be significant, and some projects charge separately for parking. Compare the monthly dues against the likely rent before you buy.

Iloilo's rental market draws on young professionals in business process outsourcing, students and hospital staff. Gross yields can look attractive on small units, but vacancy, management fees and association dues cut into returns. Typhoon season runs through much of the year, so check flood history for low-lying districts and insurance for the building.