The overwhelming majority of Filipinos in the UAE are optimistic that the property sector in their home country is rapidly improving, according to a new survey.
A poll conducted by New Perspective Media (NPM), the organisers of the annual Philippine Property and Investment Exhibition, showed that 98 per cent of Filipinos in the UAE believe positive change is coming to the Philippines with 93 per cent agreeing that the investment environment is already improving.
According to official government figures, the Philippines was the second-fastest growing economy globally in the second quarter of this year, expanding at 7 per cent compared with the same period last year, followed by China (6.7 per cent), Vietnam (5.6 per cent), Indonesia (5.2 per cent), Malaysia (4 per cent) and Thailand (3.5 per cent). India registered the highest growth at 7.1 per cent in the second quarter.
The survey of 1,000 UAE-based Filipinos showed that 90 per cent believe “now” is the best time to invest in Philippine property, with expatriates “very optimistic” the value of their property investment will see significant gains over the next few years. Property topped the list of preferred investments with 80 per cent of the respondents choosing real estate while 20 per cent opted for the stock market, business start-ups, mutual funds, bonds and other investments.
Asked to describe the investment and business environment in the Philippines following the election of Robert Duterte as the president in June, 93 per cent said the situation is improving, 2 per cent said it is deteriorating; and 5 per cent said they do not see any change.
“A vast majority of the Filipinos in the UAE are confident in the improving investment scenario in the Philippines,” said Karen Remo, the managing director of NPM. “This is an affirmative boost to the new administration of the Philippines as the economy’s growth registers stellar performance in recent months.”
“Our survey supports the increasing appetite of the Filipinos and the international community to invest in real estate. This is in response to the positive forecasts of good investment returns in the Philippines, which is now being considered the Asia’s rising tiger,” Ms Remo added.
The strong economic growth in the Philippines is driving demand in the property 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.
The Philippines provides immense advantages to potential investors who seek alternative markets amidst the global economic uncertainty, according to the Philippine property services provider KMC Mag. “With an average investment growth of 10 per cent and a record-high of 15 per cent in 2015, foreign direct investment [FDI] inflows are seen to rise even further as the new administration addresses macroeconomic bottlenecks through its agenda,” said the company, which is an affiliate of the international property group Savills.
“The economic agenda for the country prioritises countryside development, infrastructure and agriculture growth, and increased government spending,” said Michael McCullough, the co-founder and managing director of KMC Savills. “Pair this with the administration’s goal of positioning the Philippines as one of the top three destinations in South East Asia for FDI inflows by 2022, and we see a very positive outlook for the real estate industry.”
Among the new administration’s plans is the lifting of foreign ownership rules from 40 to 70 per cent, while also hiking limits on land lease from 25 to 40 years. With Asean integration offering the country participation in global production networks, relaxation of foreign ownership restrictions will appeal to investors who look at the global market for goods and services, said KMC Savills head of research, Antton Nordberg.
“The Philippines has a strategic location, a large and fast-growing market, and knowledge of English. Growth rates in the industrial segment could even double in the next years,” he said.
That is helping to spur growth in the real estate sector.
A report by Ken Research said the Philippine property market is driven by rapid urbanisation, increasing employment by the BPO (business process outsourcing) sector, disposable income, surging OFW (overseas Filipino workers) remittances and growing real estate investment. And the increase in personal disposable income of consumers as well as growth in commercial and residential projects have created rising demand for property in the Philippines.
KMC Savills said the government’s economic growth plans will also have a positive impact on the real estate industry, continuing the boom over the next six years.
“The property sector is continuing its growth momentum,” said Mr McCullough.
chnelson@thenational.ae
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The%20specs%3A%202024%20Mercedes%20E200
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)