Philippines Act to regulate real estate sales
Overseas Property News - Philippines
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DSR Asset Management report that enquiries for their properties in the Philippines have increased since the long awaited Real Estate Services Act (RESA) was signed into law by President Gloria Macapagal-Arroyo in June 2009.
The act is designed to professionalise and regulate the practice of real estate in the country through the development of technically competent, trained and accountable real estate practitioners. They will be subjected to a licensing process that will require them to pass a technical examination, comply with the program of continuing education and training, and observe the Code of Conduct and Responsibilities. The new law is expected to stimulate the property market, encourage investments in construction and development.
Martin Foster, Risk Analyst at DSR Asset Management commented that “This news has long been awaited and really confirms the stance of the government [in the Philippines] on sharp practices that may have been seen in the past. The developers that we work with have all welcomed this act and have fully committed to it”.
Foster continued to say that “A good regulatory framework, vigorously applied is high on the agenda for investors today. We aim to ensure the best possible security for our investors, this only adds to what we already do”
The act, Republic Act No. 9646, came into law on 29th June 2009.
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