In photo are: Marieless R. Uy (Federal Land sales referral partner in Dubai); Chary B. Francisco (Federal Land Corporate and Digital Marketing Head); Jasmin B, Fisalbon (Federal Land Director of Sales, Stars Division); John Frederick C. Cabato (Federal Land Senior Vice President & Head of Sales and Marketing); our sales referral partners in Dubai: Honey Mae De Guzman, Mark Jayson Balaguer, Mark Emman Culapo and Jerome Barrocan.

The United Arab Emirates is reputable as a leading destination for Overseas Filipino Workers (OFWs).  With high wages and a zero income tax policy, over 800,000 OFWs in Dubai made an astounding remittance of at least $6.62 billion in 2018, according to the latest government figures.

The steady financial gains thus encouraged financial literacy and investment among the Filipino population, with real estate investment a major point of interest.  In a survey by New Perspective Media Group, 8 out of 10 Filipino expats in UAE are considering buying property in the Philippines within the next 12 months. Property tops the list of preferred investments (55%), a growingly popular alternative to putting money into a savings account, money market or insurance.  The top 3 locations preferred are Manila, Cavite, Laguna.

Introducing OFWs to an array of valuable real estate opportunities, esteemed real estate developer of 47 years Federal Land, Inc. joined the recent Philippine Property and Investment Exhibition (PPIE) at JW Marriott Deira in Dubai, United Arab Emirates. The Philippine Property and Investment Exhibition is the largest exhibition of Philippine real estate investment in the Middle East featuring the top firms of the Philippine property scene such as Federal Land, Ayala Land, SMDC, Robinsons Land, Greenfield Development, and Aboitiz Land among others.

Federal Land’s presence at the exhibition underscores its motivation to support OFWs in Dubai in their quest of looking for their dream homes and investments properties. Federal Land showcased Palm Beach West – Baler, one of four towers in the company’s sprawling 4-hectare Metro Park, a mixed-use estate in Pasay City; Florida Sun Estates – Orlando, the latest phase to join the resort-like and clustered residential development in Cavite City; Siena Towers, a two-tower high-rise residential condominium in Shoe Capital suburban, Marikina City; and Quantum Residences, a millennial-oriented condominium community located at Sen Gil J. Puyat Avenue corner Taft Avenue.

In his talk during the event, Federal Land’s Senior Vice President and Head of Sales and Marketing John Frederick Cabato urged attending OWFs to “leverage the sustained strength and growth of the Philippines’ real estate industry.”  He emphasized the value of being decisive and daring in their investment as “their decisions today would shape their future, especially when the time comes for them to head back home.”

OFWs showed high interest in Federal Land’s condominium developments, learning how they are ideal for themselves and their families with the properties’ unique design, modern amenities, and conveniences, as well as strategic locations, which encompassed proximity to universities, growth priorities by the local and national government, and ideal retirement areas.

For more info about Federal Land’s latest developments, visit www.federalland.ph.

Buying a home is one of the goals of every Filipino, especially those who work hard in another country to provide for their loved ones.  And with the construction boom in the country, OFWs are now given the opportunity of buying their dream home and investing in real estate. So instead of letting your hard earned money sit idle in a bank, why not try your hand at real estate investment.  Here are some guidelines to help you acquire a property without a hitch.

Identify your purpose

Is the property for your and your family’s residence? Do you plan on renting it out?  Will you rent it to students, to office workers, to expats, or tourists ala Airbnb style?  Will you wait for a few years then resell?

Recognizing your intentions will help you narrow down options and pinpoint the right location, amenities, and accessibility your dream property must have.

Read: What is Real Estate Investment and How to be an Investor

Do the research

Since you have lived abroad for a few years, it is important to know the real estate situation in the Philippines.  And with today’s technology at the palm of your hands, you can easily hit the internet and scan through property portals like Lamudi to compare prices, check interest rates and talk to professionals.

Also, ask friends back home to recommend a reliable developer with a solid track record such as Federal Land Inc.

Palm Beach West at Bay Area Central Business District

Call a friend

While an average vacation for an OFW with a two-year work contract is two months, property acquisition can take more time.  To make sure you complete all the requirements and come out of the purchase process with the keys of your dream house, ask a trusted immediate family member to represent you in the entirety of transaction.

Immediate family members such as your spouse, children, parents, and siblings can be appointed as attorney-in-act and sign the relevant documents on your behalf.  A relative becomes your attorney-in-fact when you both sign the Special Power of Attorney (SPA).  The SPA should then be notarized and consularized at the nearest Philippine Consulate.  Upon the consulate’s approval, your attorney-in-fact is then authorized to sign documents and represent you for the transactions.

What is the difference between a Consularized Special Power of Attorney and Notarized Special Power of Attorney?

A Consularized Special Power of Attorney is an SPA signed by an OFW or expatriate while abroad, while a Notarized Special Power of Attorney is an SPA signed by an OFW or expatriate while in the Philippines. Typically, it is signed before an OFW leaves the country so a family member residing in the country can finish the transaction on his/her behalf.  To notarize an SPA, simply visit a notary public near you with a signed SPA.

Prepare the papers

Acquiring a property requires proper documentation.  Ensure that you have the basic paperwork in order such as:

    • Consularized or notarized Special Power of Attorney (SPA)
    • Photocopy of important IDs such as passport, government IDs, company ID etc.
    • TIN (Tax Identification Number)
    • Proof of income/remittance
    • Certificate of employment or POEA contract

Siena Towers along Sumulong Highway, Marikina City

Write that check

Depending on your financial capacity, there are various payment plans available such as paying in full or home loan through PAG-Ibig, in-house or bank financing.  Carefully consider the pros and cons of each plan before making a decision.  If you prefer to pay through a home loan, coordinate with your attorney-in-fact with the loan requirements and application.

Read:  Condo Financing 101

Inspect the property

Before taking the keys, make sure that your attorney-in-fact and other family members meticulously inspect the property.  Ask them to check for the condition of the load-bearing walls, broken tiles, water pipes and electrical provision amongst others.  Best if they could bring an experienced inspector to ensure nothing is amiss before finalizing the turnover.

Even with a thousand miles in between, you and your dream of a real estate investment is not impossible. You can start with a serious family talk and choosing a reliable and trusted developer that will bring you to your dream investment.

Florida Sun Estates at General Trias, Cavite