Study: Manila, PH is world’s fastest growing luxury home market
Robie de Guzman • March 8, 2019 • 4618
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 – The San Miguel Corporation (SMC) announced it will next work on the Pasig River Expressway Project (PAREX) after completing the Skyway Stage 3.
In a statement, the SMC said it will begin work on the East-West Highway in February.
“We will continue work to further decongest Metro Manila by linking east and west of the metropolis, through the Pasig River Expressway (Parex) project,” SMC president and Ramon Ang said.
Ang made the announcement during the opening ceremonies of Skyway 3 on Thursday which was attended by President Rodrigo Duterte.
The Pasig River Expressway project is a 19.4-kilometer, six-lane elevated expressway along the banks of the Pasig River that will complete the north-south, east-west link, connecting R-10 in Manila, Edsa, and C5 and decongesting Rizal, Cainta, and Marikina.
Ang said the project will provide faster, alternative access to the business districts Makati, Ortigas, and BGC.
The toll road is expected to cut travel time between two areas to about 10 to 15 minutes from the two hours at present.
The project can be completed by 2023, Ang said.
Aside from PAREX, he also revealed that work has also started for the construction of the Manila International Airport project in Bulacan province.
Touted as the single-largest investment ever in the Philippines, the SMC said the airport project will connect to major thoroughfares in the metropolis. It will have four-parallel runways and modern, world-class facilities.
Ang set the opening date of the massive airport project for 2025. Two major expressways connecting to the airport will also open by 2023.
Meanwhile, the ongoing Skyway Extension project, which will extend Skyway’s reach in the south, to Susanna Heights, Muntinlupa, is set for completion this year.
Both the Parex and Bulacan airport projects are to be connected to the Skyway system, further extending the country’s infrastructure network, the SMC said.
MANILA, Philippines – Metro Manila and seven other areas in the country will still be under general community quarantine (GCQ) classification until the end of January, Malacañang said Friday.
In a statement, Presidential Spokesperson Harry Roque said President Rodrigo Duterte extended the GCQ classification for Metro Manila, Santiago City, Batangas, Tacloban City, Iligan City, Lanao del Sur, Davao City, and Davao del Norte.
The rest of the country are placed under modified general community quarantine, he added.
The risk-level classifications take effect from January 1 until January 31, 2021.
Duterte earlier said the continued community quarantine restriction was to prevent the spread of novel coronavirus disease.
The Philippines has so far recorded a total of 475,820 COVID-19 infections with 439,895 recoveries and 9,248 fatalities. – RRD (with details from Correspondent Rosalie Coz)
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