Remittances from overseas Filipino workers (OFWs) have become one of the largest sources of financial inflows for the Philippines. With their significant purchasing power, OFWs in the UAE can allocate funds toward real estate, which is a highly sought-after investment in the country.
But what are the essential tips for OFWs looking to invest in Philippine real estate?
In the latest TFT Usapang OFW entitled “Think You’re Too Young or Too Old to Invest?” hosted by Vince Ang, COO of The Filipino Times, the session focused on empowering OFWs with practical tips for investing in real estate, guided by insights from Sales Division Head of Digital, Corporate and International Sales, Loreene Natividad Fabi and Amaia Property Owner, Kurt Justin Garcia Manongsong.
Tip #1: Set clear financial goals with the ‘big why?’
“You need to set clear financial goals but attach a big ‘why’ to it,” Fabi said.
“I attended a seminar before, and I would never forget na sinabi niya na dapat, lagyan mo siya ng deadline, not because you need to hit a certain timeline, but simply because ‘Why do you want that property?'” Fabi said.
For example, if an investor wants their parents to enjoy a vibrant community and amenities, but their parents are aging and may not be able to fully experience them, it’s wise to plan for a short-term investment. This approach allows them to secure a property as quickly as possible, ensuring their parents can benefit from the investment while still in good health.
The same applies to OFWs who wish to return to the Philippines for retirement. If they want to own a property they can truly call their own, it’s essential to establish a timeline for their return to the country and when they plan to acquire their property. By doing so, they can ensure a smooth transition into retirement while enjoying the comforts of home.
Tip #2: Educate yourself
Fabi said that if you already know what you want, you can proceed to researching. However, she cautioned investors to be careful of the information that you’re consuming. “Sometimes, mag chi-chika ka, and then you’ll hear, ‘Ah, wag ka dyang mag invest. Tulog ang pera mo sa real estate.’ But at the end of the day, when you’re educating yourself or doing your research, you need to make sure na yung taong tinatanungan mo or yung resource na binabasa mo, may experience ba siya sa real estate?” Fabi asked.
“May property ba siya para masabi niyang pangit? Tinanong mo ba talaga yung mga nag-invest sa real estate? So that would also be part of educating yourself,” Fabi said.
Tip #3: Consider the location
“As they say, it should always be the location. Location, location, location, diba?” Fabi said, explaining that the property that you want to buy should be within reach and is currently accessible and nearby supermarkets, hospitals, schools, and developments.
“It makes me think about the recent project that Amaia Land launched. It’s called Amaia Sky Santa Mesa,” Fabi said. “We just launched this two months ago, and the campaign that we have for that is that ‘All roads lead to Santa Mesa.’ It’s located in V. Mapa, and as it is right now, it’s in Metro Manila. Very accessible,” she said.
She also said that it is important to look at the investment plan in the long term. “The Skyway 3, the North Luzon and South Luzon Expressway Connector, once na matayo yung mga yun, our Sky Santa Mesa project will really benefit from it. And eventually, the prices will again go up,” she added.
Tip #4: Get the courage you need
After thorough research, the next crucial step is having the courage to take action. For Manongsong, investors need to carefully evaluate their financial capacity. Many may already be in a good position to invest but are unaware because they haven’t taken a closer look at their finances. Understanding their true financial standing can provide the confidence needed to take the leap into investing.
“Always have an assessment of your financial capacity. Always know if kaya mo ba talaga siyang tahakin, always think of both short and long-term dilemmas na pwede mong harapin, and determine all the possibilities,” Manongsong said. “What if ang iniisip mo ngayon is studio unit lang, pero kapag dinouble check mo naman yung capacity mo, parang kaya mo naman sigurong mag one-bedroom. Maraming opportunities for you to decide, as long as mag-isip ka lang talaga ng maayos.”
Tip #5: Take action
And for the last tip, it’s really simple—take action. “I know a lot of people, andaming librong binasa at andaming webinars na inattendan. But at the end of the day, they stopped. Parang analysis paralysis,” she Fabi said.
Taking action doesn’t necessarily mean making a down payment now. Fabi said that it could be as simple as asking for a sample computation or talking to an agent.
Currently, Amaia’s Sky Sta. Mesa project stands out as an affordable investment option. Finding a reasonably priced condominium in Manila can be difficult, but Amaia is an exception. As shared by Fabi, they offer studio units starting at just PHP 3.5 million, which is non-VATable. Properties priced at PHP 3.6 million and above are subject to VAT. By investing during the pre-selling stage, buyers can secure the lowest prices available. In terms of location and amenities, it’s a great choice, and the entire reservation process can be conveniently done online.
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