Study: Manila, PH is world’s fastest growing luxury home market
Robie de Guzman • March 8, 2019 • 3604
Elevated night view of Makati City, the financial capital of Metro Manila. (Rhouell Carino|PVI)
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
None of the Metro Manila local government units has reached 100 percent compliance with the road clearing order, according to the Department of the Interior and Local Government (DILG).
In a statement, the DILG said they still have not identified which of the LGUs are fully compliant with President Rodrigo Duterte’s order to clear all public roads.
“We have not made any determination on which LGUs are fully compliant,” according to DILG Spokesman Jonathan Malaya.
Malaya also said an LGU needs to be fully compliant with the following before it can be declared as obstruction-free:
Enact or revisit ordinances related to road clearing and banning of illegal construction
Prepare an inventory of roads within their jurisdiction
Develop and implement displacement strategies
Cause and rehabilitation of recovered public roads
He also added that the DILG will validate the data from the LGUs regarding their status in the road clearing directive.—AAC (with reports from Mon Jocson)
Metro Manila mayors expressed confidence they would meet the deadline of the Department of the Interior and Local Government (DILG) to clear public roads in their area.
The mayors have reported during the 25th Metro Manila Council meeting on Tuesday (Aug 27) that their road clearing operations are on track with the scheduled deadline.
San Juan City Mayor Francis Zamora reported that 80% of roads have been cleared. Pasig City Mayor Vico Sotto said 50 to 60% of national and secondary roads have been cleared while tertiary roads are still being cleared.
Representatives of other cities like Muntinlupa and Caloocan have reported, 100% of their major roads have been cleared. Their operations will still continue in barangay roads.
MMDA Chairman Danilo Lim is elated with the progress in the road clearing operation and said that maintaining will be the difficult part.
“Clearing operations have been successful with the Metro Manila mayors leading the campaign. We can see that there is progress. Our Metro Manila mayors are doing their part but big challenge is maintenance and sustenance,” said Lim.
Lim also warned barangay officials who will refuse to participate in the road clearing operations.
“We asked the barangays captains to do their part in ensuring that cleared roads are free from obstructions. We are warning barangay officials who refused to cooperate may face charges,” he said.—AAC
MANILA, Philippines – Teachers and professors in Metro Manila are opposing the proposed police and military presence in campuses across the country.
According to University of the Philippines (UP) Chancellor Mike Tan, the alleged militarization of educational institutions in the country may impact the students’ freedom of speech and may induce fear among schools.
Tan said, however, that the military and police may still decide to do some lecturing or organize fora inside campuses even in UP.
“Hahanap lang sila ng co-sponsor sa isang organisasyon ng UP, (They just need a co-sponsor from UP organizations),” Tan said.
Still, this cannot be used as avenue for government troops and police to remain inside school premises, he said.
This may lead to abuse, according to Tan, not only against students but against teachers and professors.
He cited the case of Leonardo Co, a University of the Philippines botanist who was killed in a crossfire between government troops and communist rebels in 2010.
“Medyo nakaka-disturb na bakit laging kung may UP students sa labas, ilang accounts na ang nabanggit kanina. Si Leonard Co na pinatay nga na siya ay isang professor namin. Sa Palanan[town], mga botanists na nagreresearch, mga math professors na nasa math na tutulungan ang mga teachers, hinarass din sila,” Tan argued.
(It’s quite disturbing why UP students are usually being involved. There had been several accounts cited. One of our professors here, Leonard Co, was killed. Botanists in Palanan who were doing research, math professors who were assisting the teachers, were harassed.)
“Kung kaya nilang gawin ito what more kung nakapasok sila sa campuses namin. That is our fear. Yan ang tinatawag naming militarization, (If they can do this, what more if they enter our campuses. That is our fear. That’s militarization,)” he added.
Dr. Danilo Arao, meanwhile, argued that students become activists because of their critical thinking, awareness of the issues and because they want to exercise their freedom of speech.
“They are just using the label of communism as a convenient excuse to quell whatever critical thinking people may have here in this university as well as in other universities,” the professor said.
The Department of the Interior and Local Government (DILG), for its part, said they are not against student activism.
DILG Spokesperson Jonathan Malaya argued that the government is just being serious in curbing the recruitment of students or minors to join the communist CPP-NPA-NDF’s armed wing.
Nevertheless, the UP Chancellor assured that they are monitoring movements and activities of school organizations in their respective universities and they are willing to cooperate with authorities whenever necessary. – MNP (with reports from Vincent Arboleda)
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