Khaleej Times 07 December 2014
Filipinos serious on property deals
Abdul Basit (Chief Reporter) / 7 December 2014
PPIE attracts quality visitors; millions of dirhams worth of deals completed
The PPIE is the largest Philippine property expo organised in the region. — KT photo by Leslie Pableo
Dubai: The two-day Philippine Property and Investment Exhibition, or PPIE, concluded on Saturday, attracting around 4,000 quality visitors and developers claimed signing of millions of dirhams worth of property deals.
The PPIE, the largest Philippine property exhibition organised in the region, was participated by 18 of the country’s leading property developers, banks and government-backed financial institutions and witnessed showcasing of projects worth Dh2.5 billion (30 billion pesos).
“We are happy with the success of the event and it’s mainly because of the trustworthy developers we brought to Dubai. Previously some roadshows have been done but this is the first dedicated show for properties in Philippine,” Karen Remo, managing director of New Perspective Media, the organisers of the PPIE, told Khaleej Times on Saturday.
When buying a property in the Philippines, it is essential that one looks for projects that are backed by reputed developers and deal only with authorised real estate agents, particularly in cases of off plan or pre-selling units, Remo said.
“We have received nearly 4,000 people at the show and most of them are really serious buyers,” she said. Quoting a recent survey, she said now there is more awareness among Filipinos to invest in property back home.
Around 20 per cent of Filipinos in the UAE plan to buy property in Philippines within 12 months, with five out of 10 putting property investment as priority, reveals a random survey of 1,000 Filipinos based in the UAE. More than 40 per cent indicated that they are planning to buy property within the next two years.
She added: “The positive outlook of investors in the Philippine economy has continued to spur new developments. The economy is steadily growing and property prices are expected to increase substantially over the years. Non-Filipinos can own 100 per cent condominiums units, which can offer them excellent rental yields and healthy appreciation.”
Raeyan C. Basa, vice-president for MEA-2, international marketing division of Megaworld Corporation, said: “We have very good response. We have done some property deals and expecting more in the couple of days. Our target is 150 million pesos property sales for the show.”
The company also witnessed some interest from prospective business partners who can assist the company in marketing its projects in other GCC countries,” he added.
Megaworld has completed more than 340 residential and office buildings with a total area of around 5.8 million sqm. Currently, about 200 residential, office and hotel buildings with a total area of around six million sqm are under development.
The entire Megaworld group launched a total of 19 residential projects during the first nine months of 2014.
Basa added: “One of the prime reasons for foreigners to invest in the Philippines is the high capital appreciation rate, which could reach to as high as 24 per cent per annum in the central business districts of the Philippines, which are Global City, Makati and Entertainment City.”
The UAE is home to more than 750,000 Filipinos, and according to the latest statistics released by the World Bank. Filipino expats, totalling around 12.2 million worldwide, remitted close to $25 billion last year and is expected to touch $28 billion this year. In 2013, remittances by Filipinos in the UAE grew by 31.45 per cent from $960 million in 2012 to $1.26 billion, according to the Central Bank of the Philippines.
“I like the exhibition. They are accommodating and helpful. I am interested in buying property in Philippine,” Dianne Margarette N. Baldoza, legal coordinator in a Dubai-based firm, told this scribe.
Michael Barney Almazar, director at Gulf Law, a Dubai-based law firm, said foreign nationals and companies can own 100 per cent condominium units but not exceeding 40 per cent of the entire condominium project registered with the Philippine Housing and Land Use Regulatory Board.
“The ownership of private lands in the Philippines is reserved to Philippine nationals and corporations. However, foreign nationals and companies may indirectly own private lands in the Philippines by taking a minority interest [up to the extent of 40 per cent] in local corporations,” he said, adding that foreign nationals and companies may lease land for a term of 50 years, renewable for another 25 years.
The PPIE was sponsored by Megaworld (platinum) and Ayala Land (gold) and is participated by Asiatravel.com, Banco de Oro, Better Life, Bank of the Philippine Islands, Cleartrip, Core Ideas, DMCI Homes, Emirates airline, Empire East/Suntrust, Gulf Law, Landgroup, Major Homes, Pag-Ibig Fund, Philippine Business Council Abu Dhabi, Primo Gelato, SM Development Corporation, Social Security System and Traders Hotel.