Philippine real estate remains resilient; OFWs slated to boost residential property investment
Investing in real estate will provide OFWs with numerous opportunities to earn money in the short- and long-term
INQUIRER.net reports that real estate in the Philippines has been looking up, supported by growing demand, a recovering economy, and rising property prices.
According to Bangko Sentral ng Pilipinas’ latest Residential Real Estate Price Index (RREPI), the residential segment has been staying strong, with property prices going up by 2.6 percent compared to 1.6 percent the previous quarter. Residential property prices went up 6.3 percent in the National Capital Region in Q2, as prices for condominium units and townhouses rose as well.
In the third quarter of this year, total foreign investments (FIs) approved reached more than USD228 million, which was 22.4 percent lower than what it was during the same period last year, reported Xinhua.
Data provided by the Philippine Statistics Authority revealed that FIs were primarily driven by the Japanese, with 34.5 percent of the total approved FI. This was followed by investors from South Korea (15.5 percent) and Singapore (12.6 percent).
More: The Philippines revises Q2 economic growth rate
On the other hand, overseas Filipino workers (OFWs) are in the perfect position to invest in real estate right now, since this will provide OFWs with numerous opportunities to earn money in the short- and long-term, especially once the Philippine economy is fully recovered from the pandemic.
The resumption of jobs abroad, the increase in their spending power due to a stronger dollar, and real estate investment all benefit overseas Filipino workers (OFWs). As it stands, OFWs are assisting in boosting demand for residential properties across segments, from house and lots to condominiums.
Even Colliers Philippines stated in its most recent research that it anticipates residential property prices to rise by 3.7 percent this year due to the consistent inflow of remittances from overseas Filipino workers as well as improved consumer and corporate optimism.
The Property Report editors wrote this article. For more information, email: [email protected].
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