Insightful site talking about Philippines Condo

Insightful site talking about Philippines Condo

Real estate as an investment option is still a very much valid option despite the real estate mortgage troubles suffered by United States a few years back and can still be felt to this day. These troubles were sparked not by real estate players themselves but rather from the mismanagement of funds by financial companies. For countries in developing and emerging economies where there is still very much room for real estate growth particularly in condominiums it is still an attractive buy. This article looks at some options when one wants to invest in a Cebu condo Philippines.

Cebu is the second largest city of the Philippines that is blessed with a strategic location in the archipelago of 7,000 islands. Located some five hundred kilometres south of the capital city of Manila, it has been dubbed as the Queen City of the South. In fact in the past decade on a year per year basis, it has overtaken Manila in terms of Gross Domestic Product growth.

The city of Cebu is the capital of the Visayas region and is located on the island which is also named Cebu, or Sugbu to the locals. Its sound management of economic growth has brought forth a growth in business processing outsourcing activities, where major world players have located some of their Asian operations. Top earners for the city are call center operations, electronics and tourism.

The growth experience by the city has seen land and real estate prices rise ten to twenty fold in value from the past ten years. This of course has been enjoyed by the locals who have experienced an increased standard of living second to that only of the capital Manila. Apart from the rise in construction projects of office buildings, there has also been an increase in condominium projects in the past few years.

There are currently 19 condominium projects under way in the city, with four having reached completion. Three of these completed in the city proper of Cebu city itself, and the fourth located in the resort island of Mactan, which is a forty five minute drive away. The rest of the condominium projects are scheduled to be finished at the end of 2010 to mid 2013.

Obviously as there is still a lot of these projects now undergoing construction and completion there is a lot of pre-selling going on. And the target of these pre selling are of course the wealthy local businessmen and also foreign investors and clients who may have an eye on the city as a future place of residence.

It should be noted though that Philippine law prohibits foreign nationals from owning real estate, but when it comes to condominiums they can have up to one hundred percent ownership. The only way that a foreigner may own land in the Philippines is if he or she had a Philippine national spouse, thus he or she can own the land indirectly. But with condominiums there is no strict requirement for foreign ownership as there is really no land ownership per se except for unit ownership.

For more information visit: condo philippines

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