OFWs in UAE prefer to invest in property: survey

By Kris Crismundo

May 8, 2024, 5:32 pm

<p><em>(Courtesy of New Perspective Media)</em></p>

(Courtesy of New Perspective Media)

MANILA – Majority of overseas Filipino workers (OFWs) in the United Arab Emirates prefers to invest in property, an integrated marketing communications firm’s survey showed.

According to a New Perspective Media (NPM) survey of 3,200 OFW respondents in UAE, 62 percent of Filipino expats in the Middle East country want to invest their salaries on property.

OFWs in UAE also prefer to invest in entrepreneurial activities so they can own their own businesses, with 58 percent of respondents saying they would like to invest in business.

Aside from owning properties and businesses, 30 percent of Filipino expats in the UAE answered they want to invest in life insurance, and 27 percent said they want to invest in the equity market.

"The growth in the Philippines' real estate market is backed by strong economic fundamentals and the country’s anticipated leadership role in ASEAN's (Association of Southeast Asian Nations) economic expansion. The long-term outlook remains positive, particularly with ongoing asset appreciation and attractive rental income,” NPM Group chief executive officer and founder Karen Remo said.

Remo said this appetite from OFWs to invest in property provides an opportunity for the Philippine property sector amid the growing income of Filipino expats in the UAE.

In the same survey, seven out of 10 Filipinos in the UAE said they have seen a significant increase in their salary.

Seventy-five percent of the respondents said they are earning between AED5,001 to more than AED40,000, or PHP78,000 to PHP625,000, in a month.

The NPM is also holding the Philippine Property and Investment Exhibition (PPIE), the country’s largest international property and investment show, on May 11 to 12 at The Bristol Hotel, Deira, Dubai. (PNA)