Pinoy Property Show draws $27m in sales
Dubai, May 2, 2013
The Pinoy Property Show, which brought together developers in the Philippines and the investors in the UAE, recently concluded in Dubai with Dh100 million ($27.2 million) worth of sales.
The three-day exhibition held at Dusit Thani Hotel attracted more than 3,000 visitors. The success of the event has encouraged property developers to participate in the second series of the show to be held in Saudi Arabia in October, a statement said.
The exhibition witnessed the presence of Frank R Cimafranca, Consul General of the Republic of the Philippines in Dubai, who said: “The show translates the great demand on real estate in Philippines which is currently experiencing the best market for real estate and it is perceived to sustain its growth in terms of office, residential and leisure sectors.
“A significant percentage of the overseas remittances escalated the remarkable sales of residential condominium market last year. With the migrant workers’ buying potential, OFWs (overseas Filipino workers) fuel the market boom.”
Tamer El Sherbini, managing director of event organisers Alpha Conferences, said: “We are glad the Tourism Infrastructure and Enterprise Zone Authority joined an exhibition in the Middle East.
“We were able also to launch the first Filipino discount card for Filipinos overseas during the exhibition with Creative Travel & Tour and Resorts World Manila, the biggest entertainment resort in the Philippines.”
The exhibition represented a platform for Filipinos interested in various investment opportunities in owning their own houses spread in different cities in Philippines including Cavite, Tagaytay, Cebu, Patangas, Pampanga, Metro Manila, Antipolo and Tarlac.
Analysts say that currently the construction sector in the Philippines contributes roughly about 8 to 9 per cent of the GDP, while real estate services are at 11 per cent. This reflects investment opportunities on the property industry to foreign investors.
“We foresee success in our first venture with the Filipino expatriate community and envision Pinoy Property Show to be an annual event in Dubai,” El Sherbini added.
“A second sequence will be held in Saudi Arabia sometime in October this year. Filipinos form 4.3 per cent of the overall population in the UAE alone and there are about 1.5 million in Saudi Arabia, which make up the fourth largest group of foreigners in the country. The launch of the Pinoy Property Show will cater to a big population in the Middle East,” he concluded. – TradeArabia News Service
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