MANILA – Returning overseas Filipino workers, seeking to reestablish themselves in their homeland, are helping sustain the Philippine real estate boom, a property developer said.
Overseas Filipinos make up roughly a third of buyers in Ayala Land's Nuvali and Avida developments, Nuvali general manager John Estacio told ABS-CBN News.
"They've lived abroad, and want here what they had there, and enjoyed there…from [investing in] jeepneys, bumibili na sila ng bahay (they now buy houses)," he said.
Demand from OFWs weakens as the property becomes more expensive, as in the Ayala Land Premier brand, Estacio said.
Aside from residences, the 2,290-hectare mixed-use development Nuvali also offers spaces for business. It also recently ventured into mid-rise buildings.
Estacio said he was optimistic on growth in the property space, even as an interest rate hike by the central bank loomed. The middle class will be most affected, he said.
"Kahit tumaas ang interest rate, kung kailangan mo ng tahanan, you will be forced to buy (even if interest rates go up, if you need a house, you will be forced to buy)," he said.