Clickbait title, but everything else is mostly correct. Just change it to something more in line with the truth. All foreigners CAN own a condo here in the Philippines. Just do research on the seller and developer. Like in any other development of property. Personally, I never buy in preselling since I never know if they will actually finish the condos. It was the same thing in Europe. Many times the developers go bankrupt and you get nada. Its not just here in the Philippines. So, when I buy a condo, its RFO. That is how people should buy them. That way we know that the developers have the money to build for real, and not depend on sales to do it.
One thing to remember that some condos are built on longterm leased land. Once the land lease is up anything can happen. What if the landowner does not renew the lease? I imagine anyone that "owns" a condo on that property loses everything invested. Not to mentioned condo management can change rules at will. Ive heard that happening often.
@@Manlycash a vlogger in cebu city brought that up in a video he did. He has been here many years and recently brought up about many land scams on mactan.
Clickbait title, but everything else is mostly correct. Just change it to something more in line with the truth.
All foreigners CAN own a condo here in the Philippines. Just do research on the seller and developer. Like in any other development of property.
Personally, I never buy in preselling since I never know if they will actually finish the condos. It was the same thing in Europe. Many times the developers go bankrupt and you get nada. Its not just here in the Philippines.
So, when I buy a condo, its RFO. That is how people should buy them. That way we know that the developers have the money to build for real, and not depend on sales to do it.
what is RFO?
@@Manlycash Ready for Occupancy
One thing to remember that some condos are built on longterm leased land. Once the land lease is up anything can happen. What if the landowner does not renew the lease? I imagine anyone that "owns" a condo on that property loses everything invested. Not to mentioned condo management can change rules at will. Ive heard that happening often.
I never thought of that, but if the land is leased that would be really bad too.
@@Manlycash a vlogger in cebu city brought that up in a video he did. He has been here many years and recently brought up about many land scams on mactan.
You give up on the channel?
no just been busy, we just uploaded a newer video for you to watch so check it out and thanks for caring