Sunday, 20 May 2007

OFW remittances fueling growth in real estate

By Daxim Lucas
Last updated 05:28pm (Mla time) 05/20/2007

MANILA, Philippines -- UP TO A third of the record-high foreign remittances sent home by expatriate Filipino workers is spent on real estate, making the current property market boom more durable than previous episodes, according to industry players and market watchers.

In an interview, Century Properties managing director John Victor Antonio said his firm noticed this trend as early as two years ago when dollar remittances sent by overseas Filipino workers (OFWs) started to pick up.

"Our rule of thumb is that 30 percent of all remittances end up in spending for the real estate sector, whether it is used to buy or property. [Read more]

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