THE Philippine Allied Chamber of Real Estate and Licensed Salesmen (Philacre) and top officials of GrandLand Inc. will be going on a sales mission in the United States this week to market Cebu as a premier “vacation destination” in Asia. The delegation will also take advantage of promoting the growing condotel development in Cebu to foreign clients, according to Philacre president Anthony Leuterio in a statement. “Aside from luring these foreigners to take their vacation in the Philippines to escape the cold season, they will also given options to own a property in Cebu via owning condotel or purely for residential purpose,” he said. Leuterio, who owns Cebu-based Leuterio Realty and Brokerage and Rent.ph, noted that condotels are the next big thing in Cebu’s real estate industry driven by the province’s booming tourism sector. He said the strong growth in tourism has led some developers and even unit owners to convert their residential condominium units into condotels or service-apartment type of accommodation. Continue reading... Ya think that maybe local condo owners have a political interest in keeping foreigners from owning property in the Philippines?
