Property developers in the Philippines have taken their business on an international scale, with many targeting overseas Filipino workers (OFWs) due to their spending power.
It’s not only real estate in Metro Manila that is popular among Filipinos abroad. Residential properties, such as a condo for sale in Cebu, are also alternative choices for those who want a cheaper yet equally good investment.
A Market Driver
The importance of OFWs has manifested since the early 2000s when they contributed to a boom in real estate projects in Metro Manila and provincial capitals in the country. Manuel Serrano, head of Chamber of Real Estate and Builders Association of the Philippines, even described overseas workers as the group who revived the condominium sector.
Most Filipinos who work overseas only plan to do so for a few years. During that time, they have already planned to buy a house back home. Developers such as Rockwell Land have made it easier for them to choose the right property. For instance, the company sends sales representatives to the U.S. a few times each year just so they could connect with their clients.
By making sure companies have a visible presence abroad, OFWs no longer need to wait for their return to the Philippines before buying real estate. Some companies have even set up a regional office in Singapore or London for this reason.
This trend led investors to find more lands that can be developed, and Cebu seemed to be one of the best choices. The Housing and Land Use Regulatory Board expects more developers to file for housing applications for the rest of 2018, meaning the demand has become somehow strong from the local and international markets.
The aggressive marketing approach of real estate companies in the Philippines means the residential property market has become more competitive. This is good news even for locals since developers need to launch projects that stand out among buyers.