BORACAY, one of the country’s most popular vacation destinations made famous the world over for its white sand beaches and tropical lifestyle, is now an emerging residential property hotspot, according to top property listing site Lamudi Philippines.
Lamudi said more and more property seekers, including local buyers and foreign retirees, seek to permanently live on the island.
“Although tourism remains the biggest draw of Boracay, which encourages companies in the hospitality and tourism industries to continue investing in the island, interest in residential properties has also risen,” said Lamudi
It said interest in residential properties in Boracay is driven by factors such as its year-round pleasant climate, buoyant real estate market, and its record-number of foreign visitors.
Lamudi added that the continued development of the Caticlan airport, which is set to be operational in 2016, is also attracting investors into the residential market.
The airport will reportedly offer 50-minute flights from Manila, two-hour hour flights from Hong Kong, and four-hour flights from Singapore.
“The increase in accessibility that will result from the opening of the new airport provides the opportunity to better explore those options,” said the property listing site.
Contrary to the common misconception that Boracay is already overcrowded and congested with commercial and hospitality establishments, Lamudi said there are still several sections of the island that remain untapped and can be developed.
“While the island is already considered by real estate experts as a residential real estate hotspot, the relative rawness of the island is still factored into its current property values, making the present the ideal time to invest in a Boracay home,” said Lamudi.
It added: “Values of properties in Boracay are expected to go up, especially when the island’s current developments are completed and followed by new ones.”