There are so many overseas Filipino workers these days toiling in numerous countries all over the world. Some of these people often work as seafarers, engineers, nurses, and other professionals. Some work in factories or in the houses of their employers as domestic helpers. Still, they are one of the sectors which contributed a lot to the economic growth of this country and have helped cushion the blow of the world economic crisis.
Because of their savings and remittances, these OFWs are now the most viable markets for Philippine real estate. Besides expatriates and business owners, they make up the bulk of people who buy a house in Makati or a Makati condo either to provide a roof over the heads of their families while they are in a foreign land or to reside in when they finally come home.
Most overseas Filipino workers who are either working abroad now or have come home permanently still prefer to buy a house in Makati and in surrounding cities. This is because the value of the land rises after a few years in Manila.
Some OFWs consider their properties as assets. That is why there is a continuing trend to purchase not just one, but multiple properties in several cities inside Metro Manila. It is very common to find families of OFWs occupying a house or condo, while renting out another house to other people. This is a very wise income-generating method as they are can earn from the monthly rent coming from the tenant.
Makati, Quezon City, and Taguig are the prime locations for Philippine real estate these days, and for that reason property developers are scrambling to build subdivisions and buildings on these cities. A Makati condo used to be a no-no for many OFWs because this kind of property diminishes in value after several years.
However, the trend has been reversed. Now, more overseas Filipino workers are buying condos and houses located particularly in Makati. Even property developers are surprised by the growing number of OFWs buying a Makati condo or other properties in other cities.
If the people in Philippine real estate sector are smart, they would tap into this market so that they would get more revenue besides the more traditional market of expatriates and the upper class. OFWs are the backbone of this country’s economy. It would be best to promote the real estate industry and encourage them to buy a house in Makati to add to their assets.
