Overseas interest in Philippines property and real estate is increasing according to the latest data from British overseas property portal TheMoveChannel.com.
The website has seen growing demand for real estate in the Philippines in recent months. The Philippines was the 13th most popular destination for property and real estate searches on the website during January for the second month in a row, up from 22nd as recently as November 2015.
The country has been ranking as the second most-popular destination in Asia behind Thailand, but that gap appears to be closing.
Dan Johnson, Director of TheMoveChannel.com, said: “The Philippines has gone from strength to strength during the last year as development has continued and commercial property in Metro Manila has boosted the country’s economic boom.
“All that spells promising news for international investors, particularly at a time when other economies, such as China, are showing signs of uncertainty. With a growing number of investors from Asia and the Middle East using our website we are not surprised to see demand steadily building.”
Foreigners still do not have the right to own land in the Philippines, but foreign investors can own houses and buildings, as long as they do not own the land on which the property is built, while land can be leased by a foreigner or foreign institution on a long-term basis.
Boracay has been highlighted by several industry observers as a hotspot for investment in the coming years. As one of the Philippines most famous beach destination, the island will welcome a new airport in 2016 while major property developments are also launching.