Strong dirham to add to the allure for OFWs to buy property back home
Aimed at the growing population of Filipino expatriates in the UAE, Pinoy Property Show opens a bigger window of opportunity for the overseas workers to invest money in their home country. The first-ever Filipino property exhibition in the MENA region will take place at Dubai's Dusit Thani Hotel from April 25 to 27.
The show will bring together 20 local and foreign investors in the Philippine real estate industry where big property developers and finance companies will provide an opportunity to Overseas Filipino Workers (OFWs) to secure a property back home with easy terms.
Frank R. Cimafranca, Consul General of the Republic of the Philippines in Dubai, said: "The Philippine government witnesses a growing demand for back-up plans among OFWs especially in countries that lack social security for expat workers. We encourage Filipinos to think of their future and invest their money wisely. This is a good time to invest while the peso value in dirham is still at its most stable level."
The Philippines is currently experiencing the best market for real estate and it is perceived to sustain its growth in terms of office, residential, gaming and leisure sectors, according to the media statement issued by show organisers. A significant percentage of the overseas remittances escalated the remarkable sales of residential condominium market last year, it noted. With the migrant workers' buying potential, OFWs fuel the market boom, it said.
Tamer El Sherbini, Managing Director of Alpha Conferences, said: "We foresee success in our first venture with the Filipino expatriate community and envision Pinoy Property Show to be an annual event in Dubai. A second sequence will be held in Jeddah, Kingdom of Saudi Arabia sometime in October this year. Filipinos form 4.3 per cent of the overall population in the UAE alone and there is about 1.5 million in Saudi Arabia, which make up the fourth largest group of foreigners in the country. The launch of the Pinoy Property Show will cater to a big population in the Middle East."
Analysts say that currently the construction sector in the Philippines contributes roughly about 8 to 9 per cent of the GDP, while real estate services are at 11 per cent. This reflects investment opportunities on the property industry to foreign investors.
© Emirates 24|7 2013
