OFW market still attractive for Ayala Land

MANILA, Philippines - Given any crisis, investors and consumers alike tend to take a wait-and-see stance especially now as the global recession deepens. But for the country’s largest property developer, it is the right time to buy property or one’s dream house. “The problem with having the wait-and-see attitude especially in real estate is that the right property that you want is not there anymore when the right time comes," Ayala Land Inc. (ALI) senior vice president Rex Ma. A. Mendoza said. “It is not like a piece of stock or a mutual fund that you can buy anytime. The issue of inventory is real. I have yet to see a father going home, bringing out a stock certificate and having a picture with it. At the end of the day, investments in general is a means, not an end; you miss out the real issue of executing on dreams and making them real," he said. While economic forecasts have been reviewed and revised downwards, Mendoza remains bullish about the overseas Filipino workers (OFWs) market. Next month, Mendoza will participate in roadshows in Vienna, Riyadh, Jeddah to drumbeat interest in ALI properties. “We are going to where Filipinos are least affected," he said. Sales of ALI to OFWs corner 25 percent of its total portfolio. Meanwhile, the thrift bank arm of Bank of the Philippine Islands, ALI’s sister company, will be providing housing loan financing for ALI buyers. BPI Family Savings Bank will offer its Build Your Dream housing loan at reduced rates which it claims to be the “lowest" in the market. Applicants with a minimum of P40,000 gross monthly income can qualify for a housing loan. “It is time to have your own dream home or property. The issue has been affordability. Now is an excellent time to buy a piece of property either for occupancy or investment. The rates are really low at single digits," BPI Family Savings Bank president Alfonso L. Salcedo Jr. said. ALI senior vice president Bernard Vincent Dy said demand for property is “actually quite good" from low-end to high-end markets. “There was a slowdown in fourth quarter but it is now good across all markets since April because of confidence in the economy," he added. “A lot of overseas Filipinos really save money to buy property. Their psyche is they work hard to give better life for your family." - GMANews.TV