NO. Condominium structures, as long as they are well built, can last even up to a hundred years. The misconception of the 50-year life lies with the Condominium Corporation, since, here in the Philippines, the validity of a locally registered corporation with the SEC is just 50 years. Once it reaches this point, and the corporation can still operate, they just have to renew and extend the registration with the SEC.
A Condominium Corporation is a non-stock and non-profit corporation, registered with the SEC and the DHSUD comprised of all the individual unit owners of the condominium as the stockholders. The stockholders will elect a set of Board of Directors who will manage the condo corporation through the Property Management Office (PMO) that will maintain all the common areas and preside over the condominium property in accordance with the Master Deed with Declaration of Restrictions, Articles of Incorporation and the By-Laws.
YES. A foreign company or a foreign individual can purchase a condominium unit in the Philippines as long as total foreign ownership of the condominium project does not exceed 40% of the total inventory based on the Foreign Investment Act.
YES. Condominium units in general cost less than purchasing land and building a house to lease out as rental property. They are easier to maintain and can generate the same rental income as to leasing out a house and lot. Condo units near resorts can also fetch your higher income especially when you enroll your unit with the AirBNB and similar apps and sites.
YES. Buying pre-selling units are usually sold with an introductory price and will have several price increases before they become ready for turnover units. Buying at this stage will give you several percentage increase on you investment without paying for the full amount upfront as compared to a buying a completed unit where you have to pay for the full amount in cash right away.
