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BORACAY CONDOMINIUMS - BORACAY REAL ESTATE |
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Let The Buyer "Beware" The
issue of Boracay Real Estate ownership on Boracay Island
has long been raging, however the basic fact is this;
almost 70% of all real estate on Boracay Philippines is
untitled! The remainder is clear and free titled
real estate belonging to an ancient few families (such
as the Tirol family), the remainder of titled Boracay
Real Estate was snapped up by the Fil-Estate Realty Land
Inc. in the early to mid 1990's in order to develop the
prestigious and opulent TAX DECLARATION REAL ESTATE There are many, many individuals that have "bought" Tax Declaration Land for a residential or commercial purposes - but what exactly does that mean? What exactly did they "BUY" was the right to use land owned by the Philippine Government on the proviso that they continue to pay the TAX due on that particular piece of Philippines Real Estate! The land belongs to, and will always continue to belong to the Philippine Government until such time that there is a change in the law. You may indeed own the "building" placed on the land, but you will NEVER legally own the real estate. FOREIGN OWNERSHIP OF PHILIPPINES REAL ESTATE Can a non Filipino citizen own real estate in the Philippines? The answer is a resounding NO! Is it unfair? Sure it is! (A Filipino can own a huge mansion in the middle of London or New York City - NO PROBLEM!). It is also a huge reason why the Philippines does not attract enough foreign investment as it rightly deserves! Are there ways to get around this? Any Philippines Real Estate Broker will tell you "YES", but YOU decide, here are your options:
CONDOMINIUM / CONDO OWNERSHIP The only Philippines Real Estate a foreign national can 100% wholly own in the Republic of the Philippines is a Condominium. In order for a developer to build and offer a condominium project, they must gain the permission and be sanctioned by the HOUSING REGULATORY BOARD and be in strict compliance with the Philippine Condominium Act - Republic Act No 4726. This act clearly states that such a project must be developed on REAL property i.e. titled real estate, thus enabling the "Master Title" to be cut into individual "Certificates of Condominium Title". As mentioned previously, almost 70% of Boracay Real Estate remains untitled to this day. However, if you were to use any of the major search engines like, Google, Yahoo, or Msn and type in "boracay" and "boracay real estate" you would find thousands upon thousands of listings! How can this be? The use of the term "condo" or "condominium" inherently implies "title" under the terms and conditions of the above mentioned law! So, in conclusion, "LET THE BUYER BEWARE" or GET A GOOD LAWYER! NOTE: Boracay Real Estate, is in conjunction with Fil-Estate Realty Corporation, offers what are probably the only fully titled condominiums on Boracay Island Philippines. All of our offerings are covered by, and are in strict compliance with the Philippine Condominium Act, Republic Act No 4726. The Choice is Yours! |
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