Study: Manila, PH is world’s fastest growing luxury home market
Robie de Guzman • March 8, 2019 • 3926
MANILA, Philippines – The Philippine capital of Manila has been tagged as the world’s fastest growing luxury home market for 2018, based on a study published by Knight Frank Prime International Index.h
The latest report of property consultancy agency Knight Frank showed that Manila beat obvious candidates such as Berlin in Germany, Tokyo in Japan, Paris in France and Singapore in the ranking of top cities on how much prices for luxury homes have increased in the past year.
The report said the City of Manila experienced an increase in the prices of luxury homes by 11 percent in 2018, buoyed by the Philippines’ strengthening economy and an apparent shortage of luxury homes. Also contributing to the increase in prices are the low supply and the increased demand from wealthy foreigners living in Manila.
Knight Frank also reported that the country’s economy grew by six percent in 2018, which attracted more Filipino expatriates to invest in properties back home.
But despite its top ranking, the report said the overall growth in luxury home prices is dwindling, and Manila’s price growth is still far from last year’s top performers, which saw a 21 percent overall growth. The deceleration was attributed to the end of real estate low interest rates, which boomed in 2008.
The study also cited the significant slowing down of luxury home growth in the Philippines after the developers’ renewed their focus on more affordable housing amid predictions that there is more demand in the low to medium-end markets.
Apart from Manila, the only other Southeast Asian city that made it to the top ten of list of 100 cities was Singapore, which ranked 7th overall after registering a 9.1 percent increase in luxury home prices.
In the West, Edinburgh ranked second with 10.6 percent growth followed by Berlin, Germany with 10.5 percent, Munich and Buenos Aires both with 10 percent; Mexico city ranked sixth with 9.5 percent while Madrid landed at 9th pace after registering an increase of 8.1 percent in luxury home prices.
Boston, Massachusetts in the United States ranked 8th after gaining 8.6 percent increase while San Francisco placed at 10th.
Beijing, China ranked 25th with only four percent increase while Hong Kong ranked 47th overall with 1.8 percent increase in luxury home prices. – Robie de Guzman
MANILA, Philippines – Several roads in Metro Manila will be closed for scheduled road reblockings and repairs starting Friday, February 14, the Department of Public Works and Highways (DPWH) said.
In an advisory, the DPWH said the following roads will undergo repair and reblocking starting 11 p.m. until 5 a.m. on Monday, February 17:
Bonifacio Ave. Cloverleaf to 11th Ave. (1st lane from sidewalk)
EDSA Guzent to Roosevelt Ave. (4th lane from sidewalk)
EDSA approach BP Tuazon flyover to approach A. Boni Serrano flyover (2nd lane from MRT Line)
General Luis St. Samote St. to SB Road
Elliptical Road from Kalayaan Ave to Maharlika St. (7th lane from outer sidewalk)
EDSA QC after Aurora Blvd. to New York St. (3rd lane from sidewalk)
The DPWH also said that Eagle Ave. in Barangay Ugong in Pasig City will also be closed by 10 p.m. Friday night until 4 a.m. on Monday to give way to the construction of Manila Water’s main sewer network.
Affected motorists are advised to expect heavier than usual traffic and use alternate routes instead.
Over 170 vehicles were apprehended during the one-time big-time anti-colorum operations of the Highway Patrol Group (HPG), Land Transportation and Franchising Board (LTFRB) and the Department of Public Works and Highways (DPWH).
The operation was conducted in 15 areas in Metro Manila on Tuesday evening (February 4).
According HPG Director PBGen. Eliseo Cruz, it was carried out under the directive of President Rodrigo Duterte and Philippine National Police Chief PGen. Archie Gamboa.
“[There was] cooperation [with the] LTO [and] HPG to train our personnel [so] eventually our HPG personnel will deputize with the LTO, to implement to enforce traffic law and regulation,” he said.
Apprehended vehicles include those with no plate number and those using unauthorized blinkers. Authorities also apprehended overloaded trucks.
Among the over 300 trucks inspected, 78 of them were overloaded. Meanwhile, 68 vehicles received temporary operations permit due to various violations including not wearing a helmet or seatbelt.—AAC (with reports from Bernard Dadis)
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