What is the Appeal of Condotels?

What is the Appeal of Condotels?

Despite the fact that the name "Condotel" has been used in the Philippines for decades, its meaning has evolved significantly with the introduction of hotel-condominium hybrids 30 years ago. When they were first introduced, condotel units used to look and feel like tiny, converted hotel rooms. Surely not!

Introducing the Condotel Concept with Newly Constructed Condominium Buildings by Pacific Concord Properties, Inc.

Privately owned condominiums, the Lancaster Cebu Resort Residences and the Lancaster Suites Manila, are offered for short-term rentals via the Condotel Management Company. They are more large and are equipped with services including a business center, retail shops, restaurants, a swimming pool, a spa, and exercise facilities that are available around the clock.

The Lancaster Cebu Resort Residences condotel apartments are excellent for out-of-town owners searching for a holiday home with rental income possibilities. Visitors looking for an alternative to the hotel room's "feels like home" attributes can find them in these properties. For example, major holiday destinations like Cebu are experiencing a boom in condotel construction, with some hotels designated for conversion to condotel apartments and others developed specifically for the short-term rental market.

"My phone has been very busy with buyers from the UK, Scotland, and Australia interested in purchasing investment properties and holiday homes here," says Beth Collingz of PLC International Marketing Networks, a Lead Marketing Partner with Pacific Concord Properties Inc., which has Condotel developments in Metro Manila and Cebu. The low market prices in the Philippines, particularly in the United Kingdom, and the simple payment choices offered for our condotel developments are driving a lot of this enthusiasm, but there are other aspects as well. Condotel investments are becoming increasingly popular with foreign baby boomers and Filipino expats looking for ways to maximize their returns on investments as they approach retirement. They can use the condo for vacations and rent it out through our In-House Condotel Management when they are not using the unit, generating rental income that, at today's purchase prices, gives a projected ROI on their investment.

According to Beth Collingz, more than 85 percent of all Condotel transactions in Manila are made to foreign customers. Cebu, in particular, has experienced a strong rise in real estate acquisitions by overseas purchasers in the last few years, even though such activity is not as prevalent in the provinces of the Philippines.

According to Collingz, "these overseas purchasers realize that the Philippines is a buyer's market right now - there are many properties available and few local buyers." Clients that have purchased a second property with me or are in the process of doing so. Many of our previous customers and new clients discovered us via our foreign buyers' area on our websites, lancastersuites.com and plcglobalpinoy.com.

Collingz said her customers tell her it makes more sense to invest in a year-round vacation location rather than Metro Manila. The Pacific Concord Properties' Lancaster Cebu Resort Residences Condotel in Mactan, Cebu, near the Cebu International Airport, is ideal for international purchasers because of everything it has to offer.

In addition, the ease of travel from Europe is another consideration.

For example, it is easy to see why the Philippines is becoming an international community because of Qatar Airlines' many airline specials, which offer the cheapest air fares flying directly into Cebu and Manila, such as 16-hour flights from London to Qatar, London to Amsterdam, Singapore, or Hong Kong.

The rental market in the Philippines is robust year-round, unlike in other offshore locations where it is more seasonal. A buyer's ability to utilize or rent their property at any given time is greatly enhanced by this arrangement. In addition to the expansion of professional property managers and rental agents due to the booming rental and second home market, property ownership and rental have also become more convenient. The flagship Lancaster Condotel Developments by Pacific Concord Properties Inc. is a perfect example of this kind of development in the Pacific Northwest.

Options for financing and security provide foreign purchasers entry into the Philippine real estate market.

Obtaining financing in the Philippines has long been considered difficult, if not impossible, by some foreign purchasers. As a consequence, in the past, most transactions were made using cash.

There is no down payment required for a studio unit at Lancaster Atrium Manila Condotel Suites, and 67% of the contract price is payable over 60 months interest-free, with the remaining 33% due on unit turnover or to be extended for another 60 months through PCPI's no prequalification policy. The company's sales department has recently introduced new low-cost easy payment plans.

"Where can you get a 350 sq ft freehold flat in the heart of Central London for just 25,000 pounds or a studio in Manhattan for only 34,000 dollars and then make up to 16 percent per year ROI from rental returns?" enthuses Collingz. According to Beth Collingz, who used to live in South Kensington and owns several Chelsea Embankment Townhouses and St. Catherine's Dock Flats before moving to the Philippines, "These figures probably seem crazy to London property buyers unless they remember the prices of flats and apartments back in the late 1970s" and all of this comes complete with average 85-degree temperatures and sunshine nearly all year round.

When making a real estate investment, you need to know the answers to six key questions, each of which has an impact on your financial well-being. Collingz
  1. Why are you putting your money where your mouth is? Do you have any plans to make use of and have fun with the property? Or are you solely interested in the return on your investment? Your original investment and long-term or short-term returns will be affected by this.
  2. How much of a risk-taker are you? Find out what level of risk you can tolerate, and then see whether this investment falls inside that range.
  3. 3. Options for financing you have the option of paying with cash or a charge card. What you invest depends on the response you provide.
  4. What do you currently have in your portfolio that works well? Your portfolio should comprise a variety of assets, including real estate, in order to be well-balanced.
  5. Your degree of market experience. Because it tests you before teaching you, experience is the toughest teacher.
  6. The amount of engagement you want to have in the project. It is important to consider your degree of involvement when deciding what kind of investment to make.
Then take action. Take a step forward. Never put money at risk that you can not afford to lose. As much as you can, keep command of the situation. But don't wait for a sign from on high that the moment is right. The market won't wait for the sign, and neither will we. No more than $50,000 is recommended for your first transaction.

Investing in the Philippines was seen as dangerous owing to the absence of professional realtors and international standards for real estate transactions in the Philippines, which stymied some British investors.

Pacific Concord Properties Inc., the only Philippine real estate developer to use the internationally accepted practice of Escrow Trust Account Banking for all payments made by buyers of its Condotel Suites, means international offshore property investors no longer have to be concerned about the safety of their investments because Pacific Concord Properties Inc. has adopted International Property Standards.

Buying real estate in the Philippines has the additional disadvantage of most international purchasers being used to traditional house-buying practices such as placing their money in escrow (which protects them in the event of non-performance by the developer).

The "Buy Safe Payment Policy" of Escrow Trust Account Banking with Equitable PCI Bank, one of the Philippines' largest banks, is now the "International Standard" in the Philippines for the purchase of a condotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila, or Lancaster Cebu developments by Pacific Concord Properties Inc.

To ensure that funds are maintained and ultimately used only for the purpose of direct construction-related expenditures, buyers of condotel units at the Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu pay their reservations, down payment, and all monthly payments directly to their company trust account with the bank. Customers' money is protected, but more importantly, the construction of the project will be finished on time and within the anticipated timeline of completion.

Collingz emphasizes the need to collaborate with individuals who have previous expertise in this sort of deal. Collingz said that purchasing real estate in the Philippines is quite different than doing so in the United Kingdom or other European nations. There is less stress and responsibility in the purchasing process since we deal directly with the buyer or with the client's agent or representatives.. "Our objective is to make the whole process as simple as possible, and that of Pacific Concord Properties, Inc. Our website allows prospective buyers to search for and bookmark real estate listings that catch their eye.

Collingz believes that effective communication is the key to success. A lot of effort is spent on speaking with purchasers prior to their visits so that everyone involved has an accurate image of what they are looking for in a home. In addition, we arrange for their travel and hotel accommodations and provide them with information about the procedure and their alternatives in advance of their visit. They'll be able to get the most out of their stay here, and we'll have time for them to become acquainted with and appreciate the place. "

Many buyers sign a sales agreement before returning to their home countries after a three-to five-day tour. The closure is then handled by Pacific Concord Properties' personnel so that the purchasers may enjoy their new home or investment property on their next visit.

Post a Comment

Previous Post Next Post