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Manila, Philippines.

PHOTO BY ARCHIVE


Manila named world’s top luxury home market: report

 

DUBAI – If you’re looking for business opportunity in a thriving industry, the latest market report by Knight Frank points to luxury homes as a great investment.

In 2018, Manila’s luxury home market saw the most growth in the world, with an 11 percent increase in prices. The report compiled a list of the world’s hottest 100 cities, using each market’s price increase as its main unit of measurement. Manila’s increase is speculated to spring from a six percent growth in the annual GDP and the lack of supply.

Manila is closely followed by Edinburgh, Berlin, Munich, Buenos Aires, and Mexico.

American cities Boston, San Francisco, Toronto, and Seattle also made it to the top 20 and have managed to overtake European cities such as Lisbon, Paris, and Frankfurt.

According to research and consultancy firm Knight Frank, Manila’s luxury property market performed best in the world.

Manila was the only Asian city in the top ten, apart from Singapore. The report also stated that global hubs that one might expect to perform well in the category, such as New York and London, did not meet expectations.

Looking back at a first quarter market update, the same consultancy reported that Manila owed its economic win to the rise of the ultra-wealthy, or the Filipino Ultra High Net Worth Individuals (UHNWI).

The number of these individuals, who are defined as people with a net worth of $30 million or more, went over 300 in 2017. In a market survey, a typical UHNWI owned two to three homes on average. They had also expressed the desire to purchase another home within the country in the next year.

In a separate study ranking the neighborhoods poised for a breakthrough in luxury homes, Alabang was highlighted as Manila’s “next hotspot.”

The ongoing infrastructure, such as the Skyway Stage 3 projects which is set to link the North and South Luzon Expressways by mid-2020, are said to entice more luxury property investors.

“With this news and development in the Philippine economy, I can see a lot of investors from the UAE and the Middle East region are becoming more confident to invest in the Philippines and I believe that this trend will be here to stay,” said Janice Ong, Ayala Land UAE Office Manager.

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