Are there condos in Dumaguete

[robert k]

2 hours ago, mogo51 said:

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?

Mogo, you could own a house structure anywhere in the Philippines as a foreigner but not the land under it, as I understand it. A condo is just part of a building structure.

I don't think I would like the condo to be on leased land. If the lease is for 25 years, extendable for another 25 years, what happens 50 years from the date of the lease which will not be the date on which you take up occupancy? When your lease runs out they could tell your heirs to get out they have had a better offer.

I'm sure nobody would start building until the lease is in place, so you don't have 50 years to begin with.

At 40 years from the date of the lease the condo might be hard to sell because a buyer might think they will get stuck with it or have difficulty selling in turn on the condo merry go round.

It might give a form of security for my lifetime but I don't see where it would give me more security than renting with a lease? AFAIK a lease could be transferable and heritable, just as a condo would be. It all sounds like semantics and sleight of hand to me as you don't own either one. With a long rental lease you shouldn't be responsible for ordinary wear and tear and not paying dues.