‘Maturity’ of OFWs to fuel growth in real estate sector-A A +A
Thursday, January 30, 2014
THE “maturity” of overseas Filipino workers this time of the year will contribute to the continuing growth of the real estate sector, an official said.
Philippine Allied Chamber of Real Estate Brokers and Licensed Salesmen, Inc. (PhilAcre) president Anthony Leuterio defined maturity as the period when OFWs already reached their 20th year of working in other countries.
He said this maturity has pushed OFWs to go back to the Philippines and invest in real estate.
“OFWs who have worked for a very long time already have the money to buy (properties),” he said.
Leuterio, who is also the founder and president of the Leuterio Realty and Brokerage, said that apart from local activities, he and his team focuses on international road shows to directly reach out to OFWs.
The team already flew to the US and in some parts of Asia and Europe. Leuterio said they have gone to these areas since many OFWs working there have shown interest in purchasing properties like condominium and housing units, either for investment or for personal use.
Developers have also shown support to the firm’s road shows. Leuterio said a homegrown developer has recently poured out P3 million in support of the team’s international road shows.
Leuterio reported that OFWs have been remitting P800 billion to the Philippines every month. The central bank reported that 30 percent of OFW remittances are targeted to be invested in real estate investments.
Aside from OFW maturity, Leuterio also cited other key drivers of the real estate sector which include the growth of the business process outsourcing sector and tourism, housing backlog, good governance, migration and population growth.
Ealier, Manila and Cebu were named by investment advisory firm Tholons as two of the top ten best outsourcing destinations for this year, with Manila ranked 2nd and Cebu on the eighth spot.
Published in the Sun.Star Cebu newspaper on January 31, 2014.