Eighty percent of Filipinos in the United Arab Emirates (UAE)want to invest in the next twelve months, driven by higher income and better financial literacy.
There are more than 600,000 Filipinos in the UAE. This is according to a survey commissioned by New Perspective Media Group, organizer of the Philippine Property and Investment Exhibition (PPIE) 2022.
The survey of 3,800 respondents, who mostly fall under the millennial group (84 percent) and have been staying in the UAE for more than six years now (79 percent), was analyzed based on three component indicators of consumer confidence, namely: income, stability and investment.
Their top investment preferences are property (61 percent), entrepreneurship (58 percent), life insurance (37 percent) and mutual funds (32 percent), according to the survey results.
The eight edition of the Philippines’ largest international investment and property show will be held at Crowne Plaza Hotel in Sheikh Zayed Dubai this weekend, Nov. 5 and 6.
Big leap in salary
The PPIE survey showed that 63 percent of respondents experienced a significant increase in their salary over the last five years since 2018, demonstrating a boost in their purchasing power.
The pay rise among respondents reflects the UAE’s robust economy, which is projected to record its strongest annual expansion since 2011 following an 8.2 percent increase in the first three months of 2022, as per the Central Bank of the UAE.
Better financial literacy, more diversified assets
The survey results also showed that 76 percent are now more financially knowledgeable than five years ago, aware of how inflation works in the overall economic cycle and more curious about capital appreciation.
Despite the global economic blow of the pandemic, 68 percent said they are financially stable or more financially stable today than five years ago.
The study showed that currently OFWs’ asset portfolio includes gold and diamond (42 percent), real estate/property (34 percent), life insurance (32 percent), mutual funds (18 percent) and own business (11 percent).
Rising star of the real estate market
Dr. Karen Remo, founder and CEO of New Perspective Media Group, said 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.
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.”
Vince Ang, COO at New Perspective Media, said the return of PPIE in Dubai is a clear indication of a vibrant Philippine property sector and the burgeoning purchasing power of Filipinos in the UAE. “It is also a testament to our relentless endeavour 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.”
PPIE 2022 will be participated in by RLC Residences as Gold Sponsor and Federal Land Inc. Greenfield Development Corp., DoubleDragon and Ayala Land Inc. as Silver Sponsors. Exhibitors include Hausland, DMCI, Sta. Lucia, Bank of the Philippine Islands, and New Perspective Marketing International Inc’s new ventures—REMATA, a value-for-money real estate marketplace and PisoPal, a personal savings and investment app specifically made for beginners in investment.
An array of real properties and business solutions and services—from Philippines’ leading property developers to banks, insurance companies, government-backed financial, investment and savings institutions, e-commerce, and money remittance centres—await attendees at this free event.
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To know more about PPIE 2022, visit www.ppie.ae.