The idea of owning oceanfront property in the Philippines, or even investing in a long-term rental, might feel similar to an impossible dream. Even the country’s name evokes feelings of some far off and exotic place. To put it simply, it sounds like a place that only the luckiest people are able to travel to and explore. However, the global economy is changing how and where people are able to live, put down roots, and even own property, making this impossible dream actually quite possible.
Bits About the Philippines
Geographers and other academics often describe the Philippines as an archipelago. This term simply means an extended group of islands, which certainly defines the makeup of the Philippines. The country is a collection of over 7,000 islands, of which over one-third are still unnamed and unpopulated.
The island nation of the Philippines is located in a precarious place amongst the South China Sea and the Pacific Ocean. There is roughly 500 miles between the first Filipino island and the Asian mainland; that is quite a lot of incredible Blue Ocean in-between. The total landmass of the Philippines amounts to roughly the size of the state of Arizona in the U.S. This means that the Philippines’ islands feature an incredible amount of coastline, incredible white sand, and gorgeous beachfront property.
Travel Experience in the Philippines
In recent years the Philippines has seen an influx of international visitors. This is great news for the tourism and travel industry in the country. In the past, the surrounding ocean and difficulty of traveling from one island to another has put off the typical Southeast Asian backpacker and resort-style traveler alike. Yet, the Philippines had nearly five million visitors in 2014, and it seems as though more and more people are choosing the Philippines as a destination.
This rise in tourism likely stems from the friendly locals and the incredible natural surroundings. The Filipino people are welcoming and warm, featuring a natural flair for hospitality. Many people arrive at their hotel, homestay, or bungalow and immediately feel right at home. The result is a growing number of expatriates and long-term visitors in the country.
Property Ownership in the Philippines
Despite the natural opportunities to develop and sell this oceanfront property, the economic and political circumstances of the Philippines have often restricted foreign investment in the country’s real property. However, a reputable real estate website such as www.dotproperty.com.ph can be a massive source of support and information when looking to purchase property in the Philippines.
Even now, in 2016, there are still a number of hurdles to overcome, and property ownership can be difficult to achieve. This is why most of the long-term visitors stick to just renting apartments, condos, or bungalows. By law, foreign nationals are not allowed to own land in the Philippines, but the laws leave room for foreigners to own condominiums and apartments, provided that the land on which the buildings are built is still Filipino owned. Therefore, those who dream of owning the perfect place in the Philippines can surely buy property, and for a fraction of the price it would cost in a European or U.S. destination.