How long can you own a condominium in the Philippines?
68, otherwise known as the “Corporation Code of the Philippines,” cannot exist for more than 50 years; hence, it follows that a condominium can only exist for 50 years. Section 8(c) of the RA 4726 notes of a condominium unit becoming “obsolete and uneconomical” after an existence in excess of 50 years.
Is it hard to sell condo in Philippines?
You should know that there is a glut of condos in Manila so it is very difficult to sell a condo for more than what you paid for it. The places with a lot of choice now are the area near Mall of Asia and Fort Bonafacio.
Who can own condominium in the Philippines?
- Foreigners are prohibited from owning land in the Philippines, but can legally own a residence.
- The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos.
What do I need to know about buying a condo in the Philippines?
10 Things to Consider When Buying a Condo
- Ascertain your goals. Condo living comes with pros and cons.
- Settle on a location.
- Review the fine print.
- Choose your financing option carefully.
- Ask about the amenities.
- Inquire about security.
- Observe the neighborhood.
- Research about the property developer.
What is a condo in Philippines?
A condominium, according to the law, is an “interest in a real property consisting of a separate interest in a unit in a residential, industrial, or commercial building and an undivided interest in common, directly or indirectly, in the land in which it is located and in other common areas of the building.”
What will happen to condo after 50 years Philippines?
Your condominium doesn’t have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your condominium ownership does not necessarily end at that point.
What happens to a condo unit after 50 years?
Hence, although a condominium building is over 50 years old, it does not automatically become obsolete and uneconomic if it passes the building inspections and certifications.