Study: Manila, PH is world’s fastest growing luxury home market
Robie de Guzman • March 8, 2019 • 3770
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 – Malacañang suspended work in government offices and classes in Metro Manila on Tuesday, Dec. 3 amid the continuing inclement weather brought about by Typhoon ‘Tisoy’ (international name: Kammuri).
Under Memorandum Circular No. 73 signed by Executive Secretary Salvador Medialdea, the suspension of government work and classes in all levels was declared effective at 12 noon.
“Upon the recommendation of the National Disaster Risk Reduction and Management Council (NDRRMC), and in view of the continuing inclement weather brought about by Typhoon Tisoy, work in government offices and classes in schools (public and private) at all levels in Metro Manila, are hereby suspended effective 12:00 noon today, 03 December 2019,” the memorandum read.
“However, those agencies whose functions involve the delivery of basic and health services, preparedness/response to disasters and calamities, and/or the performance of other vital services shall continue with their operations and render the necessary services,” it added.
Meanwhile, the suspension of work for private companies and offices will be left to be discretion of their management, the Palace said.
MANILA, Philippines – The Makati City government will implement road closures and traffic rerouting starting Thursday, Oct. 31 in line with the observance of Undas break.
In a Twitter post, the Makati Public Safety Department said the following roads will be closed and traffic will be rerouted from 12:01 a.m. of Oct. 31 to midnight of Nov. 2:
South Avenue (from metropolitan Avenue to J.P. Rizal Street)
Kalayaan Avenue (from Zapote Street to N. Garcia Street)
Vito Cruz Avenue Extension/P. Ocampo Avenue (from Zapote Street to South Avenue)
Meanwhile, a two-way traffic will be implemented in J.P. Rizal Avenue (from Makati Avenue to Pasong Tirad St. and vice versa) and along Zapote Avenue (from J.P. Rizal Avenue to Metropolitan Avenue and vice versa).
A one-way traffic will also be implemented along Metropolitan Avenue (from South Avenue to Jupiter Street).
A stop-and-go traffic will also be observed in anticipation of a heavy traffic during undas.
The Makati Public Safety Department also advised travelers to take note of the traffic rerouting scheme in the city:
For vehicles traveling along J.P. Rizal Avenue coming from Delpan Street – Eastbound (heading towards Barangay Poblacion or Guadalupe Area), travel straight to temporary two-way J.P. Rizal Avenue to destination.
For vehicles plying along J.P. Rizal Avenue coming from Makati Avenue Area – Westbound (heading towards Delpan Street or Manila City), travel straight to temporary two-way J.P. Rizal Avenue to destination.
Vehicles along Ayala Avenue Extension coming from Central Business District Area – Northbound and Westbound (heading towards The Circuit, Delpan Street, Sta. Ana-Manila Area), from Ayala Avenue Extension, turn left to Metropolitan Avenue then turn right to Zapote Street (temporary two-way). Afterward, turn left to J.P. Rizal Avenue (temporary two-way), then turn right to A.P. Reyes Avenue to destination.
For vehicles along Ayala Avenue Extension coming from Central Business District Area – Eastbound (heading towards N. Garcia, Bel-Air Villages, Makati Avenue, and Makati City Hall) from Ayala Avenue Extension, turn left to Metropolitan Avenue, then turn right to Zapote Street (temporary two-way). Afterward, turn right to J.P. Rizal Avenue (temporary two-way) and head straight to Makati City Hall or Makati-Mandaluyong Bridge. Motorists can also turn right to N. Garcia Street then turn left to Kalayaan or Jupiter Street to destination.
For vehicles along J.P. Rizal Avenue coming from Delpan and Sta. Ana Area – Southbound (heading towards Makati Central Business District Area or Sen. Gil Puyat Avenue Area via usual Zapote Street) from J.P. Rizal Street (temporary two-way), turn right to Zapote Street (temporary two-way) then turn left to Kamagong Street to destination.
The Makati Public Safety Department said traffic law enforcers, police and medical personnel will be deployed to assist motorists.
Parking spaces will also be designated for those vising South Cemetery, Makati City Cemetery, and Makati Catholic Cemetery.
Normal traffic flow is expected to resume on Sunday, November 3 at 12:01 a.m.
Makati City has been the only Philippine city selected as a finalist for the World Smart Cities Awards this year, according to Makati Mayor Abby Binay.
The 2019 World Smart Cities Awards will be presented during the Smart City Expo World Congress to be held in Barcelona, Spain from November 19 to 21.
Binay said Makati is the only local government unit from the Philippines that has been invited to present its project entry entitled, “Use of technology to improve city disaster preparedness and communication to and from city citizens” during the awarding ceremony on November 20 at the Fira de Barcelona Gran Via.
She also said they are proud to have an opportunity to represent the country.
“We have gladly accepted the invitation, and we look forward to having a meaningful exchange of ideas and experiences with fellow advocates of sustainability and inclusivity from other parts of the globe,” she said.
According to its website, the annual Smart City Expo World Congress, which started in 2011, is the meeting point for companies, public sector, startups, academia and citizens working together for the sustainable development of cities.—AAC
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