The Philippines, Bali and Thailand don’t play the same league. The Philippines offers the clearest legal frame for a foreign national (a 99-year leasehold set in law), less tourist saturation and higher income targets (12% to 25% under the Land of Nomads model). Bali has more brand, but the nominee system carries legal risk. Thailand allows condos with legal certainty, in exchange for more modest returns.
Southeast Asia is on the radar of plenty of people in Europe looking for tourist income outside the continent’s saturated markets. But Southeast Asia is too broad a category. Bali is not El Nido. Between destinations, the gap can run from a 5% to a 20% return, or from a legally protected right to an informal arrangement.
This comparison looks at the Philippines, Indonesia and Thailand without dressing it up: strengths, drawbacks and the nuance a three-line summary skips.
The legal frame: the first question to ask
Philippines: a 99-year leasehold. A 1993 leasehold law (Republic Act 7652) created a specific frame for leases up to 99 years. It’s notarized, registered with the Register of Deeds and enforceable against third parties. You can transfer, inherit and sublet your right, and the structure built on the land belongs to the lessee. It’s the most transparent of the three.
Indonesia (Bali): the nominee system. The most common route is the nominee arrangement: an Indonesian citizen appears as the titleholder and signs a private agreement recognizing the foreign national as the real holder. The problem is that Indonesian law doesn’t recognize it. If the nominee doesn’t cooperate, the foreign national can be left with nothing. It has happened. Hak Pakai (a regulated right of use) reaches 80 years, but with bureaucratic renewals and less flexibility.
Thailand: restrictions with limited exceptions. A foreign national can acquire condos as long as at most 49% of the building is foreign-held. For villas or land, the options are setting up a Thai company (risk similar to the nominee) or a 30-year leasehold with no legal guarantee of renewal.
Saturation: the differentiator
The Philippines took in 5.4 million international tourists in 2023, against 16.9 million for Indonesia and 39.5 million for Thailand. With 7,641 islands and world-class destinations (Palawan, Siargao, Bohol), the Philippines has a fraction of its neighbors’ professional hotel supply.
El Nido has fewer quality rooms than a single Canggu neighborhood. That mismatch between rising demand and limited supply holds up premium prices and high occupancy. Bali, with more than 6 million tourists, has a saturated mid-segment: the ADR fell 15% to 20% in Canggu between 2022 and 2025. Thailand, with 39.5 million visitors, leaves net returns of 4% to 7% on tourist condos open to foreign nationals.
Entry cost and return
The Land of Nomads eco-villas in San Fernando, Camarines Sur, start at $129,900 with a 99-year leasehold and full management included. The El Nido eco-apartments start at $174,900. In Bali, a two or three-bedroom villa runs €150,000 to €350,000 under nominee or Hak Pakai, no management. In Thailand, a beach condo starts around €120,000, management separate.
The net income target under the Land of Nomads model is 12% to 18% in San Fernando and 18% to 25% in El Nido, against 5% to 10% in Bali and 4% to 7% in Thailand. The full management included (something you contract separately in Bali or Thailand at 20% to 35% of income) widens the real gap further still.
The right question
It isn’t which is best, but which fits your profile. If you want a mature market with proven infrastructure and you accept modest returns, Thailand is reasonable in condos. If you want net income above 10%, a clear legal frame, full management and exposure to a tourist market with real runway, the Philippines deserves a close look.
All three markets have merit, but they don’t all offer the same thing at the same moment. The Philippines is in a phase where the ratio of entry cost to potential return is hard to match in the other two. You can start the conversation with the Land of Nomads team and book a call, or compare the projects first.
