Eighty percent of Filipinos in the UAE said they are keen to invest within the next 12 months, buoyed by higher income and better financial literacy. Of the options available to them, real estate emerged as the top investment preference, followed by entrepreneurship, life insurance and mutual funds.
This was according to a survey commissioned by the New Perspective Media Group, organizer of the 8th Philippine Property and Investment Exhibition (PPIE) 2022, which runs today until tomorrow (Nov. 6).
The PPIE survey covered some 3,800 respondents, who mostly fall under the millennial group (84 percent) and have been staying in the UAE for more than six years (79 percent). They were surveyed based on three component indicators of consumer confidence, namely income, stability and investment.
Big leap in salary
Eighty percent of Filipinos in the UAE said they are keen to invest within the next 12 months, buoyed by higher income and better financial literacy.
According to the PPIE survey, 63 percent of respondents experienced a significant increase in their salary over the last five years since 2018, demonstrating a big purchasing power boost. The pay rise among respondents reflects the UAE’s robust economy, which is projected to record its strongest annual expansion since 2011.
And despite the global economic blow caused by the pandemic, 68 percent said they were financially stable or more financially stable today than five years ago.
Results further showed that 76 percent of respondents are now more financially knowledgeable than five years ago—aware of how inflation works in the overall economic cycle and are more curious about capital appreciation. The OFWs’ asset portfolio includes gold and diamond (42 percent), real estate (34 percent), life insurance (32 percent), mutual funds (18 percent) and own business (11 percent).
“The Philippines has been coined as the ‘Rising Star of the Real Estate Market’ in Asia, thanks to the country’s consistently positive asset appreciation and rental income. Demand for property is likewise anticipated to remain strong among overseas Filipinos especially in the UAE, boosted by the host country’s sweeping visa reforms which now allow long-term residency and employment stability,” said Dr. Karen Remo, founder and CEO of New Perspective Media Group.
Dr. Karen Remo
“PPIE 2022 makes it easier for Filipinos and foreign investors in the UAE to find properties that suit their tastes. This is a platform that gathers the Philippines’ real property heavyweights under one roof and brings them closer to their target market,” Remo added.
Vibrant PH property sector
New Perspective COO Vince Ang added that the return of PPIE in Dubai is a “clear indication of a vibrant Philippine property sector and burgeoning purchasing power of Filipinos in the UAE.”
“It is also a testament to our relentless endeavor for nearly a decade now to empower them with essential ways to invest their hard-earned money for a better, brighter future for themselves and their family even after their retirement. We are optimistic that through PPIE, we can contribute to our economy by encouraging more OFWs and foreign nationals to choose the Philippines as their top investment destination of choice,” Ang said.
PPIE 2022 will be participated by Philippine-based property developers, banks, insurance companies, financial institutions and money remittance centers among others. Industry experts and CEOs of top property developers will also deliver keynote speeches at the forums.
UAE-based organizations and schools including Al Alfiah Filipino Private School, The Philippine Global School, New Filipino Private School, and Far Eastern Private School will also join the event.