Boracay has been proven to be a magnet for tourists. In fact, Aklan Governor Carlito S. Marquez forecast in 2012 that Boracay is set to attract between 1.2 and 1.5 million tourists in the coming years.
With Boracay named as the number 1 island destination in Asia by TripAdvisor and Travel + Leisure, it has become a healthy seed for investments. If you are one of the many investors who are seeing Boracay’s potential for doing business, then take note of the following tips on choosing real estate in Boracay:
What line of business to choose?
Throngs of people flock into the famed island of Boracay, so it goes to follow that any business is bound to “sell like hotcakes.” But it is best if you set up one that you have an interest in.
If you want to capitalise on the tourist influx, then choose a business focused on accommodation. There are many villas, resorts, apartments, and hotels on the island, and if you intend to join their ranks, a point of difference would be an advantage. Beachfront or cliff-side advantage are two attractive qualities, but above these, focus on the quality of experience you want to give your clients. Invest in the best amenities, and ensure that water, food, transportation, and interconnectivity issues are not present.
The food industry is another option. For example, a restaurant close to the heart of the action in Boracay that can accommodate adventurous tastes by covering different cuisines could be a good option. Don’t forget, many visitors to Boracay are Filipinos, so consider offering food that the home country is proud of. Of course, since Boracay is also known for its active nightlife, 24-hour operations could be considered; at the very least, extend your operations until midnight in order to have a profit share out of the tons of local and foreign night owls.
Any vacation hotspot is incomplete without a souvenir shop. If you are into crafts, then this one is right for you. Research on what sells among tourists, and make sure you have quality and unique items. The price must be competitive; expensive items must be justified by their quality and rarity. Cover all Stations 1, 2, and 3 in order to reach more customers.
Why invest in Boracay?
That is almost an obvious question, but for one thing, what makes Boracay worth investing in is the great returns to yield. Know the lean and peak seasons so that you will be able to reach people with relevant advertising, and adapt your strategies to the change of season. It is helpful to consult with the current business owners on the island; they would be able to provide valuable information on challenges and opportunities. And besides, one day they might be your new neighbours.