Are Condotels Good Investments for OFWs?
Manila, Philippines—In a video news report, Salve Duplito, ABS-CBN News Channel’s (ANC) resident financial adviser, talks about the emerging popularity of condotels as one of the preferred investments among Overseas Filipino Workers (OFWS), whose regular remittances sustain the mid-range residential property market in the country.
Duplito reports, “Filipinos stand to favor real estate investment over financial instruments and lately, condotels or condominiums/hotels are becoming more popular. Our viewer asks “Are condotels good investment? I’m an OFW and I’m thinking of buying one in Metro Manila Area.
“As an OFW who visits the Philippines maybe once a year or every other year, Condotels can be very attractive. You get to stay in a stylish place of your own when you come home; when you’re out of the country, you can earn money when your unit is leased out to others.”
She adds, “Condotels are hybrids of condominium units and hotels, the unit or units you owned can be leased out when you don’t live in them. They are managed and marketed like a hotel room.
“They’re different from time shares, which give you only limited rights to occupy any room for certain days every year.”