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Opinion & Analysis |
The ’desirability’ theory
by The Luxury Expert
Despite rankings of various ’best’ cities around the globe, Alex Shlaen feels that the data is not accurate enough
Malaysia: An investor’s look
by Tay Han Chong
Tay Han Chong tells Property Report the pros and cons of investing in Malaysia.
Property Investment : The Basics
by Annie Lim
Annie Lim explains the ups and downs of property investment and some of the basics knowledge that one needs when investing.
Legal issues with the transfer process.
by Desmond Hughes & Timo Bauer
If you want to make a point about the nonchalant attitude of a developer and agent to timing, what can you legally do?
Good deeds. How good is your title?
by Julian Male
The dream of owning your own piece of paradise can turn into an investor’s worst nightmare unless you know your legal rights.
2008/2009What an eventful year
by Dr Chua Yang Liang
Despite the weak economic outlook, 2009 took the property market by surprise doing much better than expected.
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Cebu city's skyline is currently being transformed by its booming real estate industry. Modern hotels, offices and condominium towers are rapidly replacing the rundown buildings that have stood over previous decades. Cebu has quickly become a metropolitan area with all the conveniences of a modern city. At the same time, it boasts easy access to natural resources such as countless of white sand beaches and pristine forests. Cebu is also home to a range of historical sites which tell the island's story as the birth of Christianity in Asia through to its role as a hub of early commercial trade with Mexico and China and vestiges of the American colonisation of the Philippines.
Foreign investment has been a key driver of the city's economic success and many of the tourists who discover Cebu opt to take up residence there. Although non-Filipinos cannot own land, they can own condominium units or apartments in high-rise buildings as long as the foreign proportion does not exceed 40 per cent. As with elsewhere in the country, foreign ownership of houses is also permitted, although non-nationals cannot own the land on which it is built. Leases on land up to 50 years, renewable for another 25 years, are available.
As elsewhere however, there are exceptions with regard to ownership. Foreigners who marry Filipino citizens can have ownership of the land under the Filipino's name. However, should the marriage be ended by death or separation, the title cannot be transferred to the foreigner. Another option is to acquire land through a corporation although Philippine law stipulates that all such firms must be at least 60 per cent owned by Philippine nationals. In the Philippines, the maximum area that may be acquired for residential purposes is 1,000sqm in urban areas. This is increased to one hectare in rural areas.
Condos in Cebu
International hotel brands have been noticing Cebu's booming tourism market and a number have opted to set up shop there; many with a residential unit incorporated into their hotel developments. Among them is the Cebu Hilton Resort and Towers. The beachside project offers a wide array of water sports and leisure facilities and five-star residential and condotel units managed by Hilton International.More on buying condos in Cebu.
Houses and land in Cebu
Foreigners are permitted to own houses in Cebu although under normal circumstances non-nationals cannot own the land on which it is built. Leases on land up to 50 years renewable for another 25 years are available. More on buying houses and land in Cebu.
Renovating
Cebu is currently phasing out its older buildings and the rule seems to be one of tearing down anything that isn't historically significant should a developer wish to move in. Therefore, those wishing to renovate a property in the city can expect to pay a massive sum to secure a colonial building. Development costs however, are a fraction of what they are elsewhere in Southeast Asia.
Top tips for Cebu property
Guide to buying condos in Cebu
Guide to buying houses and land in Cebu
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