Working in distant shores is not easy. Along with the challenges of living in a new environment and being miles away from your loved ones, being an Overseas Filipino Worker (OFW) truly entails a lot of sacrifices.
This is why OFWs deserve to reap the benefits of all their hard work and sacrifices—and one way they can do this is to buy themselves a home in the Philippines.
A home to come home to
Whether you’re repatriating for good or just taking a break from work, having a house in your motherland means you’ll always have a home to come home to.
As you’ve been away from your loved ones for some time, your home in the country can serve as a place where you can create new memories with your family.
Better living conditions for your family
A lot of OFWs work abroad so they can offer better lives for their families here in the Philippines.
With the ongoing pandemic, the preference for living in healthier environments is becoming a trend among property seekers as health and wellness have now become our utmost priority.
By investing in a home in a healthier location, or one that offers more sustainable features, OFWs will have less to worry about as they are assured of the wellness and safety of their loved ones back home.
Property services firm Colliers Philippines said that it has observed an uptick in demand for affordable house-and-lot projects outside the capital region as more Filipino families opt for larger spaces and gravitate toward less dense communities.
“Demand for these projects will continue to be driven by remittances from Filipinos working abroad,” it added.
A good investment
Buying a residential property doesn’t mean you have to live in it. You can also rent it out to tenants, which will allow you to generate recurring income. When it’s time for you to return to the Philippines, you and your family can then use it.
As property prices are likely to appreciate in the future, investing in a piece of real estate is generally deemed as a good investment.
By investing in a residential property in the Philippines, whether a house, an apartment, or a condominium unit, OFWs are allowing their hard-earned money to grow.
Capitalize on lower residential prices
The Bangko Sentral ng Pilipinas (BSP) reported recently that the Residential Real Estate Price Index (RREPI), which measures price changes in residential properties, shrank by 9.4 percent in the second quarter of the year from a year ago.
BSP data also showed that prices of condominium units fell by 14.3 percent in the second quarter from the same quarter last year, which is the fourth consecutive quarterly decline.
This decline was mainly attributed to the lackluster demand for condominium units in the National Capital Region (NCR) as more families sought refuge in the provinces to avoid the strict lockdown and quarantine measures in NCR.
Similarly, the prices of single-detached housing units also shrank by 7.4 percent in the second quarter from a year ago.
In contrast, the prices of duplex housing units surged by 28.9 percent during the period, while those of townhouses went up by 15.1 percent.
As residential prices are currently on the decline, it may now be a good time for OFWs to get their money’s worth by investing in a home in the country.
With the development of infrastructure projects, many areas in the country will be more accessible, which will give property seekers more viable locations to choose from.
Colliers Philippines said that in June, despite the COVID-19 pandemic, a sustained take-up of horizontal units in Cebu, Iloilo, Pampanga, Cavite, Laguna, and Batangas has been observed.
“In our view, horizontal projects will likely remain attractive especially among OFWs. This development will continue to propel residential demand across the country,” Colliers said.
“We encourage OFWs to continue looking for house-and-lot and lot-only projects in key urban areas outside Metro Manila and take advantage of flexible payment packages being offered by developers,” it added.