Confident of career growth in the UAE, which significantly gives them increased purchasing power, OFWs are eyeing to own at least one real property as a financial support measure upon retirement.
8 out of 10 Filipinos in the UAE plan to buy at least one property for retirement or source of extra income. Visit PPIE to own your dream home.
DUBAI: A whopping 80% of Filipinos in the UAE plan to buy at least one real property for additional income and retirement fund, apart from their residential home, a survey from Philippine Property and Investment Exhibition (PPIE) showed.
The survey results came a few weeks after US News released its 2018 Best Countries ranking, using World Bank Group guidelines, and stating among others that the Philippines is the top country in the world to invest in this year.
The survey shows that 91% of Filipino expats are positive that their career in the UAE will grow, while 95% believe that Philippine property values will continue to increase. Further, some 83% believe that the weakening of peso against the dirham is making it more affordable to buy property in the Philippines.
The survey polled 2,150 Filipinos across the UAE. It was commissioned by New Perspective Media (NPM), organizers of PPIE – the biggest and longest running annual Philippine investment show in the Middle East.
The 6th edition of PPIE will be held this weekend, May 4-5 at JW Marriott Hotel in Deira, Dubai and will be participated in by top developers, banks, financial institutions, exchange houses, and reputable service providers.
Retirement
Among highlights of the survey results are findings stating that eight out of 10 overseas Filipino workers (OFWs) said they would need at least one property to live off a comfortable life using rental income. This, in preparation for retirement or going home for good.
There are approximately one million Filipinos in the UAE.
Career growth
Another highlight of the survey are findings stating that OFWs in the UAE are confident about opportunities for career growth in the country – something that makes them even more upbeat about their retirement plans.
“Filipinos in the UAE are optimistic that their career in the emirates will grow, which in turn would boost their purchasing power. Today, a bigger chunk of Filipino expats is more financially literate and their top investment preference is property,” Karen Remo, NPM Partner and Managing Director, said.
“This comes as no surprise because the World Bank forecasts that the Philippines will continue to be the fastest growing economy in the ASEAN (Association of South East Asian Nations) this year up to 2020, driven specifically by a dynamic real estate sector in 2018,” she said.
“On top of that,” Remo added, “Filipinos in the UAE are taking advantage of the weakening of the peso and strengthening of the US dollar, to which the UAE dirham is pegged, making it more affordable for Overseas Filipino Workers to buy property in the Philippines.”
PPIE educates
Since its inaugural edition in 2014, PPIE has helped educate thousands of Filipinos about savings and investment. The numbers speak for itself – from two out of 10 who wanted to invest in 2014, to eight out of 10 this year. This, Remo said, is “a clear indication that we are now seeing a big wave of new investors.”
US News has named the Philippines as the best country in the world to invest in, following a survey of over 21,000 people from different backgrounds across world to review 80 different countries’ foreign business investment climate.
Citing its population of 103.3 million, and a GDP of $304.9 billion, US News said the Philippines was considered the best country in the world to invest in this year.
Supporting this is data from the United Nations reportedly stating that the country is “poised to benefit generously from foreign direct investment (FDI) that will come from regional powerhouses like China, who is looking to utilize labor from developing nations.”
Most trusted
PPIE is the longest running and most trusted Philippine economic and investment forum and exhibition in the region. It is a one-stop event offering a diverse range of investment options along with expert guidance and assistance for funding.
The past five editions of PPIE made history in the UAE and the region by bringing in more than 15,000 quality visitors.
This event has been continuously attended by the leading and most reputable property developers; banks; insurance companies; government-backed financial, investment & savings institution; money remittance centers; and services providers.
This year’s PPIE is sponsored by Greenfield Development Corporation and will be participated in by Ayala Land, BNE Sim, BPI Family Savings Bank, DMCI Homes, Emirates NBD, Filipino Institute FZE, Filpera (Arlo Insurance Brokers, LLC), Green Circle Realty Sales, Inc., Gulf Law, HG III Construction & Development Corporation, LBC Express Inc., Makati Express Cargo LLC, Moldex Realty Inc., National Bonds Corporation PJSC, PhilSwiss United Holdings Corp., Robinsons Land Corporation, SM Development Corporation, Al Habtoor Motors – Mitsubishi, W Crest Group of Companies, Cebuana Lhuillier Service – DMCC and Sta. Lucia Land Inc. (exhibitors); and supported by Emirates Airline (official airline partner) as well as The Filipino Times, Khaleej Times, Tag 91.1 and The Filipino Channel (media partners).
