Boracay property - real estate in Boracay
There's some nice villas to be found
Boracay is definitely one of the most beautiful places in the Philippines, and this is the main reason for its growing tourism and booming real estate economy. A popular holiday destination for locals and foreign tourists alike, the island has become one of the most coveted places to visit and invest in. Its rich natural resources and quiet seclusion also makes Boracay a great place to retire from the bustle of city life.
The relative foreigner-friendly property laws of the Philippines helps make Boracay an attractive prospect for overseas real estate seekers. Many real estate opportunities await at this paradise of an island, and with a little local know-how, you can pick up some good deals on condominiums and houses. But there are also great deals to be found on Manila property as well.
Condominiums in Boracay
The island has a wide range of condominiums and apartment hotels to choose from and in popular locations with nice views of the beach and sea.
Condominiums in Boracay are popular with foreigners who want a relaxing abode in a stunning island setting, plus condos are much easier to own than any other type of property here - the Philippines allows a non-Filipino to own a condominium unit outright. Be aware, though, that foreign nationals can only own up to 40 per cent of a given building complex.
With that, there is a huge amount of choice of apartments and condos in Boracay, many of which are decked out with the Western in mind, with his demand for services and facilities being all-important. There are luxurious and elegant condo buildings with all mod cons, as well as better priced options for those with budgets to consider.
Houses and land in Boracay
Boracay is loaded with vacant lots that have not yet been developed, although ready-built and furnished houses are also available. Many lots are located in areas where expats live, while some are out of the way with great views of the beach and the sea, yet easily accessible to the rest of the island. Houses, on the other hand, are typically in strategic hillside locations, as well as close to, or within access of, the beach.
Getting your hands on a plot of land is a lot harder than simply buying a condo because of legal hurdles. Foreigners can’t just buy land and houses outright since non-Filipinos cannot legally own land. Most foreigners who have their own land in the country often have Filipino spouses that legally purchase and own land locally.
If you don’t have a Filipino spouse, you may have to decide whether you want to renounce your original nationality and claim Filipino citizenship. Former Filipinos, or those with dual citizenship, still have the right to acquire land, although certain limitations on land dimensions may apply. Acquiring houses and land is generally a long, drawn-out process, so be ready to spend money on legal fees, stand in lines and endless form filling-in.
The average price of a house in Boracay Island ranges from Php 20 to 30 million. The price of land ranges from around Php 10,000 to Php 16,000 per square-metre.
Renting property in Boracay
Those who plan to stay on the island for more than a week may want to consider renting an apartment or a condominium instead of splurging on expensive hotels. There is a wide range of apartments and condos around the island, and some even have convenient beach access and fantastic sea views. Small- to large-scale holiday homes are also available for rent around the island, along with comfortable beach houses and bungalows.
Holiday apartments, condominiums, and houses are usually fully furnished, where you also generally have option of cooking your own meals during your vacation. Naturally, apartments and properties close to the island hotspots are a little more expensive to rent than those in more secluded and farther-flung areas. It depends on your preference; some tourists may want to be very close to the lively part of the town, while some may want a tranquil and quiet place away from the action.
Real estate agents in Boracay
There are many different real estate agents that provide services for those who eye Boracay as a site for their next property. These two are among the most trusted:
SPR Real Estate, Inc: A multinational entity engaged in sales, brokerage assets management, engineering, and construction of properties on Boracay Island. They have their headquarters in Malay, Aklan, just a few minutes from Boracay onto the mainland. La Reserve Beach Hotel, Boracay, tel: +63 (0)36 288 5797.
The Boracay Business Centre: This is one of the oldest estate agents for Boracay - they were established in the 1908s. They offer services ranging from brokerage and land transfer, to property management, legal advice, and other related services. Located In front of Station 3, Boracay, Tel: +63 (0)36 288 3761.
