The Philippine Condominium Act
Republic Act No. 4726, or commonly known as “The Condominium Act,” is a law that allows people the right to co-own a piece of property of land aside from the absolute ownership of his/her unit.
The Condominium Act states the rights of the owner and the extent of his/her influence in the property where he/she has purchased the unit. It serves to protect the rights of buyers to ensure that they are not being misled by property owners or developers.
One of its most significant provisions is that it allows foreigners to purchase condos in the Philippines, given that they do not own the land on which it is built.
The implementation of this law has allowed many foreigners to buy units in the Philippines, thus strengthening more the country’s real estate market.
Why buy a condo?
When planning to buy a condominium, the ultimate consideration is your purpose for purchasing one. Is it because you want to move into a better residence to establish your independence? Or are you planning to make it an investment property? Buying a condominium ensures that these two reasons are fulfilled.
Low cost of living, warm tropical climate, and friendly people. These are some of the things that await anyone who wants to own a condominium in the Philippines.
Since the steady growth of the real estate market in 2001, buying condominiums continues to become a trend. The proliferation of BPO companies, looking to harness the potential of the Philippine workforce, has created a huge demand for both commercial and residential properties.
Aside from foreign demand, many Overseas Filipino Workers (OFWs) are using their income to purchase condos either as home for themselves and their families or as investments to be liquidated in the future. In fact, some migrant workers purchase properties in the Philippines even while abroad.
Owning a condo in the Philippines today has changed from an extravagance available only to the affluent to a worthy investment that yields many purposes.
