Property tops preferred investments of Filipinos
Filipinos in the UAE are very optimistic that the quality of life and the investment environment in their home country are on its way to seeing improvements.
A whopping 98 per cent of Filipinos in the UAE believe true positive change is coming to the Philippines with 93 per cent confirming that the investment environment in their home country is already improving, according to a survey.
According to official figures, the Philippines is the second fastest-growing economy in the second quarter of this year, growing at 7 per cent compared to the same period last year, followed by China (6.7%), Vietnam (5.6%), Indonesia (5.2%), Malaysia (4%), and Thailand (3.5%). India registered the highest growth at 7.1 per cent in the second quarter.
The survey showed that 90 per cent believe “now” is the best time to invest in Philippine property. Property topped the list of preferred investments with 80 per cent of the respondents choosing real estate while 20 per cent opting stock market, business start-ups, mutual fund, bonds and other investments. The survey was conducted by New Perspective Media (NPM), organisers of the annual Philippine Property and Investment Exhibition (PPIE), randomly asked 1,000 respondents,
Further, 97 per cent of the respondents said they expect the quality of life in the Philippines to improve. Asked to describe the investment and business environment in the Philippines, 93 per cent said the situation is improving, two per cent said it is deteriorating; and five per cent said they do not see any change.
The strong economic growth in the Philippines is driving demand in the real estate market. According to Oxford Business Group, the construction and real estate sectors make up around 20 per cent of the Philippine economy, slightly ahead of manufacturing.
KMC Savills forecasts that the Philippine real estate sector is in for a continued boom in the next six years – a positive impact of the government’s economic growth plans. “Philippine fundamentals help keep the property market attractive,” a report from the global think tank specialising in real estate, said.
A report by Ken Research says the Philippine real estate market is driven by rapid urbanisation, increasing employment by the BPO (business process outsourcing) sector, disposable income, surging OFW remittances and growing real estate investments. And the increase in personal disposable income of consumers as well as growth in commercial and residential projects have created a demand of real estate property in the Philippines.