Almost 20 per cent of Filipinos living in the UAE are planning to buy a property in the Philippines within a year, according to a new survey.
The study was conducted by New Perspective Media, the organisers of the Philippine Property and Investment Exhibition and polled 1,000 Filipinos living in the UAE.
The survey revealed that five out of 10 Filipinos were prioritising property investment and found cities such as Bonifacio Global City, Makati and Metro Manila attractive for investment.
Respondents also cited other locations close to Metro Manila such as Laguna and Bulacan, as well as provinces such as Cebu, Davao, Boracay, Bacolod, Ilo-Ilo and Cagayan De Oro as potential locations for property investments.
“Investing in Philippine property today is ideal for Filipino and international investors as prices are likely to soar substantially in the coming years,” said Karen Remo, managing director, New Perspective Media.
“Global financial institutions and analysts forecast good investment returns in the Philippines, which is one of Asia’s most steady economies. Our survey confirms that fact as majority of overseas Filipinos say they are looking at buying property back home for their families, or buy as an investment, in the coming 12 months.”
The UAE has a growing Filipino population and is currently home to over 750,000 of Filipinos, the poll said.
The property event comes at a time when the Philippines is witnessing a stable property market with high appreciation and rental yields coupled with low interest rate and flexible financing terms.
Backed by a strong economy, a young and growing population and increasing income, the Philippines is Southeast Asia’s strongest performing economy and is among the fastest growing residential markets, according to analysts.
The country is also one of the world’s top 10 fastest growing luxury property markets and has higher rental yields compared to other Asian countries. The property sector’s growth is expected to remain robust as land values are still below their values during the 1997 Asian Economic Crisis, the survey added.