Luxury homes, is Manila the place to buy property now while the going is good?
The Philippines capital and Singapore are considered the hottest destinations in Asia by consultancy Knight Frank
Asia’s luxury property market has grown sharply in value fuelled by the rise of ultra high-net-worth individuals. A recent report by international property consultancy Knight Frank shows that two Asian cities are in the top 10 of the world’s most desirable investment destinations for 2019. The Philippines’ capital Manila and city state Singapore’s luxury property markets are considered the hottest destinations in Asia.
The report says investing in luxury homes will provide better returns than in many traditional areas this year.
Manila’s luxury home market has experienced the highest growth in the world during this time, with an 11 per cent increase in prices, according to Knight Frank. The report listed the world’s hottest 100 cities, using each market’s price increase as its main unit of measurement. Manila’s increase is said to spring from annual GDP growth of 6 per cent and a lack of supply.
Manila’s luxury home market has experienced the highest growth in the world during this time
Manila is closely followed by Edinburgh, Berlin, Munich, Buenos Aires and Mexico. North American cities Boston, San Francisco, Toronto and Seattle have eclipsed European cities Lisbon, Paris, and Frankfurt to break into the top 20.
Janice Ong, Ayala Land’s UAE office manager, says the property company is happy with the findings of the report. Manila-based Ayala Land is one of the biggest luxury property developers in the Philippines.
