Dubai: Philippine developers and brokers have generated Dh100 million worth of sales from UAE-based real estate investors during the recent Pinoy Property Show in Dubai.
The three-day event, held at the Dusit Thani hotel, drew more than 3,000 visitors. Exhibitors earlier told Gulf News many of the visitors were expatriates looking to buy residential condominium units worth 2 to 3.5 million pesos (Dh180,000 to Dh314,000).
Philippine consul general Frank Cimafranca said the results of the show only prove that there is a “great demand” for real estate investments from the expatriate community in the country.
“A significant percentage of the overseas remittances escalated the remarkable sales in the residential condominium market last year. With the migrant workers’ buying potential, OFWs (overseas Filipino workers) fuel the market boom,” he said.
Tamer Al Sherbeni, managing director of Alpha Conferences, the organiser, said they envision the real estate show to be a yearly event in Dubai. The second series of the show will be held in Saudi Arabia in October this year, to cater to the 1.5 million Filipinos there.
