I can understand why overwater villas are so popular. It feels like you’re living in a postcard. You wake up in an overwater bungalow in Bora Bora or the Maldives, with the ocean as your front yard.

There are few travel experiences as evocative as waking up in an overwater bungalow. These dreamy hideaways have become a byword for luxury: rolling out of bed to endless turquoise views, sipping ...