Filipinos in the UAE eye real estate investments after ‘significant salary increases’: survey

70 per cent of Overseas Filipino Workers (OFWs) in the UAE reported experiencing a significant increase in their salaries over the past five years since 2019, reflecting UAE’s robust economic climate.

With a big purchasing power boost, Filipinos in the UAE are showing heightened investment appetite with property as the most preferred investment.

Filipino investors in the UAE

This is according to a survey conducted by New Perspective Media Group, organiser of Philippine Property and Investment Exhibition.

PPIE, the Philippines’ largest international property and investment show, now on its 10th edition, which will be held on May 11-12, 2024, at The Bristol Hotel, Deira, Dubai.

The survey, which covered 3,200 respondents, predominantly comprises millennials (78 per cent) who have resided in the UAE for more than six years (88 per cent).

The study focused on key indicators of consumer confidence, including income growth, financial stability, and investment preferences.

The survey showed that 75 per cent of Filipinos in UAE earn more than AED5,000 ($1,360) with the following breakdown:

• 56 per cent earn between AED5,001-10,000 ($1,360 – $2,720)
• 11 per cent earn between AED10,001-20,000 ($2,720 – $5,440)
• 5 per cent are in the AED20,001-40,000 bracket ($5,440 – $10,880)
• 3 per cent receive monthly salary above AED40,000 ($10,880)

Property emerged as the preferred investment among Filipino expats in the UAE, capturing the interest of 62 per cent of respondents, followed by entrepreneurship/own business (58 per cent), life insurance (30 per cent), and stocks/bonds (27 per cent).

Furthermore, 68 per cent said they are more financially stable now than five years ago. This sense of stability has contributed to a diversified asset portfolio among OFWs, encompassing savings (69 per cent), real estate (62 per cent), gold and diamond (58 per cent), life insurance (47 per cent), vehicle (41 per cent), and own business (22 per cent).

Dr. Karen Remo, CEO and Founder of New Perspective Media Group, Organizer of PPIE, said: “The Philippine Property and Investment Exhibition was conceived with the aim of boosting the financial literacy of OFWs so they can plan for a better future for themselves and their families.

“The growth in the Philippines’ real estate market is backed by strong economic fundamentals and the country’s anticipated leadership role in ASEAN’s economic expansion.

“The long-term outlook remains positive, particularly with ongoing asset appreciation and attractive rental income.

“PPIE 2024 serves as a strategic platform for Filipinos and foreign investors in the UAE to seize these opportunities and directly engage with leaders in the Philippine property sector.”

Vince Ang, Chief Operating Officer of NPM Group, said:  “PPIE plays a crucial role in facilitating meaningful connections and providing access to lucrative investment opportunities for overseas Filipinos. We are very pleased to see that PPIE has been instrumental in the surge in investment interest and financial empowerment over the years.”