Are there condos in Dumaguete

[mogo51]

I have been a bit slack and not read many of these posts on the issue.  

Although I love my SO dearly and i believe she is honest and honourable, there is this thing inside me that will not allow me to buy something, pay  all the costs and have it in someone else's name.  I am partly in this position in Thailand, with a company.

Although I have taken as many precautions as possible, I am still at some risk and am trying to sell it, as i am not comfortable with that.  Just as I am not comfortable by having it in someone else's name no matter how much I believe in them.

It is just my personal view.  No offence to those that have done so and it is working and continues to work well for them.

[Jollygoodfellow]

2 hours ago, mogo51 said:

I have been a bit slack and not read many of these posts on the issue.  

Although I love my SO dearly and i believe she is honest and honourable, there is this thing inside me that will not allow me to buy something, pay  all the costs and have it in someone else's name.  I am partly in this position in Thailand, with a company.

Although I have taken as many precautions as possible, I am still at some risk and am trying to sell it, as i am not comfortable with that.  Just as I am not comfortable by having it in someone else's name no matter how much I believe in them.

It is just my personal view.  No offence to those that have done so and it is working and continues to work well for them.

If you are talking about a condo then it can be foreign owned and in your name. The only thing we can not own is land.  

[Dave Hounddriver]

16 minutes ago, Jollygoodfellow said:

If you are talking about a condo

If anyone happens to google upon a good set of rules for condo developments then I'd surely like to see the link.  I have heard so much misinformation that I would like to read it for myself.

What kind of misinformation?  Glad you asked.  I have heard that only 40% of the condos in a development can be owned by foreigners (I don't believe it as that is impractical to enforce).  I have heard that the building is only intended to have a 50 year life span and then get torn down, so in effect you have a 50 year lease because you get nothing back when it gets torn down (Not sure if I believe that one as it does sound plausible). I have heard that condos sold to foreigners can only be the 'apartment style' and not the 'townhouse style' (again, not sure if I believe that one but I don't know of any row houses as condo units).

So yes, I'm sure many of us have heard a lot of stories about what can and cannot be done with condos but absolute facts on a legal link would be fabulous.  Any good googlers out there?

[Jollygoodfellow]

14 minutes ago, Dave Hounddriver said:

So yes, I'm sure many of us have heard a lot of stories about what can and cannot be done with condos but absolute facts on a legal link would be fabulous.  Any good googlers out there?

http://www.accralaw.com/publications/can-foreigners-own-or-have-interests-philippine-condos

https://docs.google.com/viewerng/viewer?url=http://hlurb.gov.ph/wp-content/uploads/laws-issuances/mandates/RA_4726.pdf&hl=en

[afathertobe]

The 40% rule seems to active and enforced. But given that many of the overseas condo buyers are filipinos anways they seem to be well within that limit in all the condos I've visited (Manila). There are different rules on land ownership, sometimes it's a 50 or 70 year land use right, after which the condo might be demolished, with other properties they own the land outright and so do you as a condo owner. So depends I guess. 

All in all, I  have the feeling the feverish price hikes in Manila are now quite subdued, I see slightly more, slightly better priced condos on the market in some of the properties I'm interested in... so in the long run prices will probably converge with other Asian cities (i.e. increase in value), but for the moment there seems to be a glut of high to mid-end condos in the Manila market. 

Personally for me the biggest draw of a condo is being in the middle of everything, shopping, restaurants etc. but still high enough not to be disturbed by the noise too much. Plus of course a major advantage are the amenities, swimming pool, often a gym... so I can do with a smaller living space as long as I can go downstairs and relax at the pool. 

[mogo51]

Interesting reading, it is all sewn up pretty tight as I see and not in anyway in our favour.

[Dave Hounddriver]

For discussion:

The first link that JGF provided states:

Quote

If the condominium is set up on leased land, the condominium corporation may be wholly foreign-owned.

Considering this rule, it would logically follow that the condominium developers/builders would continue to hold title to the actual land and lease it to the condo corporation.  Thus foreigners can own every unit in it.  If this is not how every condo is built then why not?  The developers are tying their own hands by not doing this.

[afathertobe]

I don't think so Dave, every single source I've read or talked to confirms the 40% ownership rule with me asking or not. 

[mogo51]

I read it as you did Dave.

[mogo51]

I re read the legal opinion on this Dave.  They quote case law  Bachus? v.? which states that 60% must be Filipino owned.  It then goes onto say that if the corporation owns the land (and is Filipino) then can own condos, but does not quote the 60% requirement, a little confusing?