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More OFWs are now serious property investors

DUBAI: Developers who attended the just-concluded, two-day, sixth edition of the annual Philippine Property and Investment Exhibition (PPIE) were unanimous in saying that the much-anticipated event was highlighted by one thing and it’s that overseas Filipino workers in the UAE have nowadays become more knowledgeable about investing in condos or house and lots.

The developers also said they have, through the years since PPIE was first held in 2014, been able to help several hundreds of OFWs acquire property through the event, which by itself, they noted, has obviously been instrumental in educating the OFW market in the UAE.

“After participating in all of PPIE’s six editions, we have noticed that OFWs now are more educated, more responsible and more equipped with the knowledge of investing; where will they bring their money, how to make it money grow, how to settle when they retire,” said Manuel Arbues II, Ayala Land International Sales Inc.regional head for North America and the Middle East.

Manuel Arbues II
Manuel Arbues II

Arbues said PPIE has lately been having more quality visitors. “They look for the computation, ask for the location and they ask the right questions. They are more prepared and they did their homework. They are ready with their questions such as: ‘Where is this located at?’ ‘What’s the payment scheme?’ ‘What’s the bank financing and interest?’ and all of those other details,” he said.

More aware

Daisy Bayan, Greenfield Development Corp. senior sales director, for her part echoed Arbues’ remarks saying, “Based on my personal observation, OFWs here in UAE have become more aware about investing in real estate.”

She said the panel discussions done during the event help OFWs gain better understanding about property investment.

Bayan said Greenfield has joined in about five PPIE editions and has through the years helped OFWs acquire properties. “Kaya nandito pa rin si Greenfield dahil, yes marami kaming natutulungang OFWs para may mapuntahan ang kanilang kinikita.”

Daisy Bayan
Daisy Bayan

(Greenfielfd is still with PPIE because yes, we have been helping many OFWs invest their earnings.)

Greenfield flew a nine-member team from Manila to Dubai for PPIE.

All units reserved

At least one participating developer ran out of stock on PPIE’s first day: Home Edge Real Estate Corp.

“We had 12 remaining units in our Prisma Residences in Pasig and we were able to secure commitments for all of them on the first day,” Marjorie Riconalla, president of Home Edge Real Estate Corp., said.

She said most OFWs were asking about properties in the Ortigas, Pasig and Mandaluyong area owing to an ongoing Ph1.6 billion road infrastructure project connecting Ortigas Business Center to Bonifacio Global City, which was inaugurated in July last year.

Marjorie Riconalla
Marjorie Riconalla

Home Edge Real Estate Corp. has been joining PPIE since its first edition. “DMCI has helped hundreds of OFWs acquire properties,” said Riconalla, citing their company’s Sheridan Towers in Mandaluyong, Metro Manila where, she said, 90% of the 100 units sold, were to OFWs in the UAE.

Riconalla also agreed Filipinos in the UAE have become more knowledgeable in property investment. “It’s a good thing that PPIE has its education component. Kasi, before we introduce any project, I would explain to my clients what they are getting into when the buy property; that it’s a long-term commitment,” she said.

“Now, the clients coming to PPIE already have their minds set on getting a property for investment. They want a retail element; it’s not enough to just sit down and wait for capital appreciation. PPIE has a big role in educating the OFWs,” Riconalla said.
Riconalla and her team are not based in the UAE; they have been flying to Dubai for PPIE every year.

Established

Another developer regularly sending a team to Dubai for PPIE is SMDC. Vivencio Lubrin, SMDC’s international property specialist, said PPIE has established itself in the UAE’s OFW market.

“Lahat ng gustong mag-invest sa property pumupunta dito. They are looking to have a home or property for their investment, which is a good thing kasi yung mindset nila medyo naliliwanagan na sa mga expenses,” Lubrin said.

He added that the OFWs were “really serious, asking about location and whether it can be rented out.”

He said OFWs who have been able to acquire SMDC property by visiting PPIE have been coming back to acquire new units. “Bumabalik sila to have more,” he said.

Vince Lubrin
Vince Lubrin

Miguel Bilan Jr.,Sta. Lucia Land Inc.’s sales and operations manager in the UAE, said they noticed a “major improvement in the quality of inquiries” by OFWs visiting their stand at PPIE.

Miguel C. Bilan Jr.
Miguel C. Bilan, Jr.

“This year compared to last year, mas marami yung informed and aware about PPIE, a lot of OFWs were able to come and check our properties.

Filomeno Flores, Moldex Realty sales director, who said PPIE was “very successful and organized.”

It was the company’s first time to join PPIE. “I am happy to have been part of this event; hopefully next year you can invite us again,” Flores said.

Well-organized

Chris Gonzaga, Robinsons Land Corp.’s area manager for North America and Europe, has the same observation about the OFWs who visited their stand.

“They inquire a lot about our projects. This is our first time in this event and we are amazed at how well it was organized. We noticed that OFWs here in the UAE are positive enough about investing their money in propertied, especially considering the peso-dirham exchange rate (where currently it’s at over Ph14 to the dirham),” said Gonzaga.

Chris Gonzaga
Chris Gonzaga

Green Circle Realty Sales Inc.President Gabriel Dominguez, who flew in an 11-member team, said they joined PPIE also to encourage OFWs to be “salespreneur,” where they can try marketing the company’s products.

“Some 60% of our clients for our project are from the Middle East; one of the more prolific source is Dubai,” said Dominguez. “Educated sila sa real property investment. Some of them really actively scouting for properties online. They did their homework that’s why when they come over, they already are decided in investing,” Dominguez said.

Gabriel V. Dominguez
Gabriel V. Dominguez

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Rico Cardoniga

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