Earlier this year, a think tank announced a bold forecast about overseas remittances. Amid the uncertainty of the pandemic, it will grow seven percent this year, according to Morgan Stanley Research. They said the oil price recovery in the Middle East region offers signs of economic recovery in countries that host overseas Filipino workers (OFWs). The accelerated vaccination program all over the world is poised to make borders reopen and ease travel restrictions, creating employment opportunities again.
All these factors support the positive growth prediction. But ultimately, the growth in remittances will fuel property investments. In this matter, it seems that locations outside Metro Manila fit migrant workers’ real estate buying needs. If you’re an OFW looking for your next property purchase, for sure, you can relate to these preferences:
OFWs Want More Bang for their Buck
OFWs would want their hard-earned money to afford more, to give the lifestyle their family aspires to have. It’s not a secret that Metro Manila’s property prices are way higher than the province’s. For this reason, they look outside the capital for property options that will give them more bang for their buck. But interestingly, they don’t go too far.
The Southern Tagalog region, particularly the province of Cavite, is one of the hotspots OFWs are keeping an eye on. It’s near Metro Manila that you can get good property deals, with some spacious two-story family homes priced within the usual budget range of OFW buyers.
One of the notable developments in Cavite worth checking out is Suntrust Verona, a 62-hectare village located in Silang, developed by Suntrust Properties, Inc. This gated subdivision is strategically placed to be close to essential establishments. On top of sheer convenience, you get to save more on transportation expenses, which is again a plus for money-savvy OFW property seekers.
Schools and hospitals are near Suntrust Verona, including Don Bosco and Ateneo Graduate School, as well as Southern Luzon Medical Center, Fort Med, and New Sinai Hospital. It’s also close to leisure and commercial destinations, such as Paseo de Sta. Rosa, SM Sta. Rosa, and Walmart Sta. Rosa. Industrial zones, including Laguna Technopark and manufacturing companies like Coca Cola, Ford Motors, and Toyota Motors, are a short drive away from the residence.
They Look for Big, Open Spaces
Aside from good value for money, OFWs choose properties that have big, open spaces, according to the Associate Director for Research of Colliers International Philippines Joey Bondoc, mentioned in a roundtable discussion organized by Lamudi last year. This preference compels migrant workers to look into provincial areas, where there’s still a lot of developable land compared to the capital region.
In the case of Suntrust Verona, the house units come with lot sizes ideal for growing families of OFWs. Essentially, they have provisions for outdoor spaces. Almost all the model houses, namely Caterina, Luciana, Amadea, Micaela, and Orabella, have 176 square meters. Other than the sizable lands, these units have ample space inside the very house. Amadea, for instance, accommodates five bedrooms, three bathrooms, and a spacious carport. The prices of properties in this village range from P6.8 million to P10.5 million.
They Prioritize Safety and Peace and Quiet
Since migrant workers constantly leave the country to work abroad, they look for neighborhoods that offer safety, as well as peace and quiet, to house their families. For many, areas outside Metro Manila provide this kind of atmosphere. This is what Suntrust Verona promotes in its community. Its tagline “Fall in love with life all over again” is brought by the promise of a tranquil, secure ambiance in the neighborhood.
In the village, you’ll find safety amenities, including the 24-hour security services, perimeter wall and fence, and the entrance gates. On top of that, there are leisure facilities that bring a relaxed vibe in the community. This includes the swimming pool, hiking trail, and the Italian-inspired areas, such as the nature park, bridgeway, and love lock garden. Living in this village, you’ll be able to experience serenity, an atmosphere that is elusive in the capital region.
It’s no surprise that overseas Filipino workers are investing their hard-earned money outside Metro Manila. Provincial areas simply provide more value for money, spacious homes, and the rare peace and quiet.
If you’re interested to invest in properties outside Metro Manila, drop by Lamudi’s online housing fair, which runs until May 31. Visit Suntrust Verona to see exclusive property deals on your future home.