Helping the Unsung Heroes of the Real Estate Industry

5/5/2010

Whenever I travel abroad and meet our countrymen gainfully employed and doing a good job there, I want to pump their hand in thanks and congratulations. I have come to realize, albeit they have not, that they are my unsung heroes. From domestic helpers to licensed professionals working abroad, this demographic sector makes up a large percentage of the buyers and investors in our country’s real estate industry. They are the reason why real estate continues to sell despite tough times, from socialized housing all the way to the high end properties.

Arguably, the most significant impetus behind the real estate industry in our country today is attributable to our overseas contract workers. This group includes our nurses and caregivers in Britain and the US, our engineers in the Middle East, our hospitality professionals in Macau, our domestic workers in Hong Kong and Singapore, as well as the seamen plying the international waters of the world. Their love for family inspires them to withstand the challenges of employment abroad and motivates them to send back most of their earnings, towards the ultimate dream of buying, building, owning the home of their dreams. It is awesome and deeply moving when you really think about it.

What then is the apt response to this work force that drives our economy forward?

From the government, we expect and demand not merely the enactment of laws for their protection from illegal recruiters and unjust or abusive employers, but also concrete incentives to show encouragement and how much we value their contribution, by way of more benefits for their families here and less bureaucratic burdens for them. The financial sector could fashion friendlier loan packages and more attractive investment options. From the construction sector itself, perhaps developers could come up with projects that are more tailor-fit to the situation and needs of this sector. Perhaps, we should envision projects closer to their original hometown or design houses that are efficient and flexible enough to grow along with their financial capability.

The government, the banks, and the developers could sit down together and help the overseas breadwinner achieve his goals. Such concerted efforts will make it easier for the worker to choose to invest his money in wise and beneficial projects, rather than reckless extravagances elsewhere. If we make the home-bound investment option attractive and accessible, the dedicated and hard-working person will take that high road. In that case, everybody wins.

There is much we can do to support their dreams and ambitions. Doing so would certainly benefit the country’s economy as well.