Luxury properties are selling like hot cakes in Manila, property consultant Knight Frank reported, driven by the robust economic growth and big appetite of wealthy foreigners for upscale residences.
In its Prime International Residential Index, Knight Frank said that Manila was able to edge out other major luxury home markets like Tokyo, Boston, London, Singapore and Paris, as posh property prices in the Philippine capital shot up by 11 percent in 2018.
The index ranked the top 100 cities on the basis of prices of luxury homes. It aims to provide consultancy clients marketing opportunities.
Despite significant increase in prices of luxury homes in Manila, the growth rate remained significantly lower compared to previous top performing markets, which average around 21 percent price increase.
The property consultant attributed the slower growth rate to the end of the so-called “ultra-low interest era,” which started boosting real estate prices worldwide at the start of 2008.
Also, construction of luxury properties in Manila remained low as developers focused on more affordable housing projects.
At present, there are only four luxury residential properties in pre-selling stage and would be available in the next five years.
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