The Philippines has seen rapid economic development over the past few years under the influence of various policies while boasting a vast variety of scenic venues – a significant factor attracting overseas people to visit. And Boracay, mainly, is one of the most famous scenic areas in the Philippines.
Population and consumption are never at a low when it comes to such scenic areas, not to mention the continued supply of properties ready to be occupied. Hence, for an investor, houses in Boracay may considerably be a worthwhile investment. Overall, the house prices in the Philippines are incomparably lower than those in developed countries.
Situated amidst a tropical marine climate, Boracay is one of the most popular tourist destinations in the Philippines. In July 2018, Boracay Island had entered a re-planning and development phase due to its policy to better protect the island's environment, while bringing about increased economic benefits on the other.
Within just three years, Boracay's development was nearly completed, and at the same time attracted an abundance of overseas tourists with its picturesque landscapes. The island has the world's most exquisitely fine and snow-white beaches, attracting many to experience the spectacular feeling while enjoying the turquoise blue water and the warm, balmy sunshine.
The Boracay Island in the Philippines has become a mecca for tourism and vacationers, and related industries have naturally sprung up here. The development of each sector is inseparable from the ongoing supply of real estate, driving many property developers to seek the opportunity to start investing in real estate developments. Simultaneously, under the influence of population demand factors, real estate purchasers are also constantly investing.
Real estate in Boracay is mainly made up of coastal condominiums and villas. Compared to other countries, Boracay's condominiums remain more affordable. Most of the properties in Boracay are ready to be occupied once purchased and can be used as a private vacation stay or investment for long-term rental income.
The average price of a Boracay condo is around $25,000 - $30,000 per square meter, and only one-time payments are supported at purchase. The overall cost of buying an average condo unit is around $1,000,000 - $1,200,000 per unit.
Boracay's coastal integrated tourism development occupies about 15% of the island, accommodating entertainment venues, recreational sites, etc. All of them are presently available, but the whole island is not in a fully open stage due to the pandemic. Even once it completely opens, attention will be directed to the flow of people so as not to cause a blockage on the island.
As far as mixed-use development projects are concerned, properties in Boracay possesses excellent investment value. In the long term, there is an expectation of a high appreciation value of the properties in the area. Although external factors are now affected, it does not prevent it from being developed, and its potential remains significant.
Nowadays, people increasingly focus on pleasure. As a result, they will visit recreational venues even outside special occasions, and Boracay inevitably stands as one of the best choices. Real estate in Boracay is relatively affordable, and its strong potential proves that it’s worth a shot.
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