Buying a Property Overseas? Here are the important things you should know.
Owning a property overseas is a dream to many, but the reality of achieving that dream involves a lot of work. Real estate transactions can be quite a headache especially more for foreign property investors. Aside from loads of consideration and steps required to close a transaction, foreign buyers must also deal with more strict regulatory requirements.
Problems Foreign Property Buyers faces
Purchasing a property overseas is very difficult, especially when most people don’t even know where or how to start. Here are some of the difficulties a foreign property buyer typically need to brace themselves from:
1. Where to start?
Being a foreign buyer, chances are you’re quite not sure which developer you can trust or how to even connect with them. So you tend to shift to contacting a property broker who can help you with the buying process. But when it comes to buying a property overseas, you still have to deal with multiple channels and multiple layers of brokers and agents.
Let’s discuss the number of intermediaries you need to deal with as an example: in the buying process, a.) you need to find a local broker, b.) an international broker, then c.) another broker in that country where you want to purchase the property from. And this significantly makes the whole buying process complicated and costly.
2. Regulatory requirements are typically stricter for foreign buyers.
KYC (Know Your Customer) protocols are in place in most countries to ensure the financial and legal capacity of the potential buyers, however, this usually requires countless forms and disclosures to be filled up for the real estate transaction to proceed. To comply with regulatory requirements, many buyers tend to hire a local lawyer to represent their interest in that country, which adds up to the cost of purchasing a property overseas.
3. Paying for your property overseas is also a big challenge.
Since still only a handful of developers are able to actively market their projects overseas, especially in emerging markets like the Philippines, Malaysia, and neighboring southeast Asian countries, their payment processes are still stuck in the traditional ways. This process usually requires you to 1.) set-up a local bank account, 2.) issue post-dated checks, 3.) secure a way to fund that account regularly and to top it off, you can lose up to 5% on foreign exchange alone by shouldering the cost of funding that account.
Because the process of acquiring a property overseas hasn’t evolved in decades, foreign property buyers of today still face these difficulties, inefficiencies and expensive costs. To ease these problems, that’s where the Global Property Marketplace — AQWIRE comes in.
Buying and Selling Properties Overseas made easy by AQWIRE
As a Global Property Marketplace, AQWIRE provides a platform and brand that both buyers and property developers can trust when buying or selling their properties across the globe.
AQWIRE helps developers compete in the global market by giving them a platform to easily market their units globally at a very competitive price in comparison to existing property portals. It also serves as a reliable platform for foreign property investors to find the best projects and deals from the top real estate and property developers globally.
Aiming to reduce the difficulties, inefficiencies and costs when buying and selling a property overseas, the platform serves as a one-stop-shop for everything real estate: from the initial inquiry for a property, to KYC, to assistance with legal compliance, and up to the processing of payments for reservation fees, month amortization, and even including monthly association dues.
AQWIRE will facilitate the KYC process for property developers, making the process faster and efficient. The platform is also equipped with the capability to process cross-border real estate payment transactions, powered by its parent company that specializes in cross-border payments — Qwikwire. And this payment service comes with no additional cost for property developers. In addition, lawyers, translators, brokers, agents and others will soon onboard the platform, creating a grand marketplace with all the key players involved with the property buying process.
Buying a property abroad? Visit our beta site now: beta.aqwire.io
Are you a property developer? Talk to our team :crowdsale@aqwire.io
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