Real-Estate Demand Among UAE-Based Filipinos Reaches All-Time Record

More Filipinos residing in the UAE are beginning to see the value in investing in real estate as evidenced by a 20 percent year-on-year increase in sales in properties among UAE-based Filipino buyers.

According to Manuel Arbues II, Regional Head for North America and the Middle East, Ayala Land International Sales, Inc. (ALISI), the sales and marketing arm of Ayala Land Inc. (ALI), they saw this much growth in the last five years. “ For the most part, we attribute this growth to the increase in financial awareness amongst Overseas Filipinos in the UAE. Likewise, due to many opportunities opening up for Overseas Filipinos, they are in a better position to prepare for their future and real estate investment is their top choice,” Arbues added.

“ALISI’s year-on-year rise in revenue was boosted by the bullish economic growth of the Philippines, backed by several factors such as high remittances from Overseas Filipinos, thriving business process outsourcing industry, sustained growth in the tourism industry, as well as local consumer spending, and manufacturing that are keeping the GDP growth and employment rate afloat,” Arbues added.

With the Philippine government’s robust BBB program, President Duterte administration is targeting to usher in the Golden Age of infrastructure in the Philippines by raising the infrastructure spending from 5.4 percent of the country’s GDP in 2017 to 7.3 per cent by the end of 2022, supports leasing and selling opportunities in real estate investment particularly in growth centres near the subway stations in Quezon City, Bonifacio Global City and Taguig City. A growing number of UAE-based Filipinos are taking advantage of investing in the Philippines because of this.

The Philippine property market is expected to achieve double-digit growth this year, with real estate values seen scaling all-time highs across all sectors, according to a report from Leechiu Property Consultants.

Source: Thomson Reuters ZAWYA

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