Why Foreigners Should Buy Condominiums in Mactan Newtown Instead of Buying House and Lot

The Philippines is one of the most beautiful archipelagos in the planet so it is but natural that many foreigners do not only want to visit islands and places in the country but plans to permanently live as well or make it their second home. In relation to that, most are inquiring how they can own a house and lot in this country; unfortunately they cannot. But it doesn’t mean that they cannot live permanently or have their own residential space when they want to spend more time here.  They can actually buy a condominium.

Why Buy Condos instead of House and Lot?

This is the most rational reason why buying a condominium is a better option rather than buying a house and lot if you are a foreigner wanting to live here.  This is the most legal option as condominiums are considered as corporation and by law; foreigners are allowed to own 40 percent shares in this form of business ownership.  Second reason is that, housing projects are situated hundreds of kilometers from urban centers and this is not ideal for foreigners especially if they want to conduct business or needs urban ambience and amenities.  Third, if both house and lot and condominiums are situated in the same places, condominiums are almost always cheaper to acquire than a house and lot. There is also lower tendencies for foreigners to experience residences being flooded which are common occurrence when you buy house and lot in flatlands for example.

Why Mactan Newtown

According to a report in Sun Star Cebu published July 13, 2015, there are more than 40,000 foreign retirees in the Philippines and of which, around nearly 2,000 of them are located in Cebu.  With that, the Cebu office of Philippine Retirement Authority (PRA) is targeting ten percent of the total share of these retirees.  This is why the Cebu local government and its local tourism office is pushing Cebu as retirement destination.

Megaworld, the project developer of Mactan Newtown is pushing this project for the same purpose. The developer and real estate brokers believe that this project has all the essential ingredients as foreign retiree destination. Why?

• It fits their requirement of combining urban living and tropical setting; sun, sea, and shore.
• It fits the concept of One Stop Destination; you have malls, offices, hospitals, recreation centers, entertainment centers, top of the line features of condo living, beaches, and a piece of history. 
• Mactan Newtown is one of the four Philippine Retirement Authority accredited retirement facilities in Cebu.  As such, this project has already gained the seal of approval of a government body which means that this retirement haven is found to be ideal and has everything covered when it comes to a retirement facility in the country. As a PRA accredited institution, Mactan Newtown has already gained an advantage when it comes to promoting this retirement paradise to foreigners.

Indeed, Mactan Newtown has become difficult for foreigners to resist the urge to buy condominiums instead of a house and lot.