Study: Manila, PH is world’s fastest growing luxury home market
Robie de Guzman • March 8, 2019 • 4751
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
MANILA, Philippines – Generally, Metro Manila and the rest of the country will have partly cloudy to cloudy skies with isolated rain showers on Friday (April 9) according to the state weather bureau PAGASA.
This is due to the effects of localized thunderstorms which can be severe and may cause flash floods and landslides.
Meanwhile, the northeasterly surface windflow is affecting northern Luzon and gives partly cloudy to cloudy skies with isolated light rains over Cagayan Valley, Ilocos Region, and the Cordillera Administrative Region (CAR).
However, the weather system has no significant impact.
This year, the country experienced its first tropical cyclone mid of February named Tropical Depression Auring.
Throughout the year, the country is expecting 20 to 22 cyclones which usually arrives from June to October.
MANILA, Philippines—The Land Transportation Franchising and Regulatory Board (LTFRB) is eyeing to allow more public utility vehicles (PUVs) in Metro Manila beginning next week.
In a virtual press briefing on Thursday (April 8), LTFRB National Capital Region (NCR) Director Zona Tamayo said the agency aims to open 250 new routes and allow 4,400 units of traditional jeepneys and buses to enter and ply within Metro Manila.
However, for provincial buses, Tamayo clarified they will still be subjected to the approval of concerned local government units (LGUs).
“Nasa LGU po iyon kung papasukin or ire-resume ang operations ng ating mga provincial buses (It is up to the LGUs if they will allow or resume operations of provincial buses),“ she said.
Based on the latest data of LTFRB, 76% of public transport vehicles have already been allowed to operate since June last year.
Meanwhile, the LTFRB reiterated the need for operators to follow minimum health and safety protocols to help prevent the spread of coronavirus disease (COVID-19).
MANILA, Philippines — Local government units (LGU) in Metro Manila will start operating this week their own triage system for COVID-19 patients amid the surge in infections, the Department of Health (DOH) said Monday.
Health Undersecretary Maria Rosario Vergeire said that under this system, local health workers will have to assess whether patients manifesting COVID-19 symptoms need to be taken to a hospital or to a quarantine facility as part of efforts to decongest crowded emergency rooms.
“This is a layer that we are trying to include into the structure. Puputulin natin iyong structure na from the home or the LGU straight to the hospital. Yan po ang nangyayari sa atin ngayon kaya nagkaroon ng challenge na punong-puno ang mga ER, punong puno ang ating mga ospital,” she said.
“This will make our processes more organized,” she added.
Vergeire said LGUs’ triage system will be linked to the One Hospital Command and ambulances that will be used if a patient must be brought to hospitals.
The One Hospital Command is a referral system being used for healthcare providers and medical transportation.
“Lalagyan po natin ng midway where patients can be assessed by our local government health officials. Ang LGU Health Officials natin ang magda-direct if the patient needs a quarantine facility only or if the patient is in need really of a hospital,” she said.
Vergeire noted that this initiative will help relieve congestion as some of the patients admitted in hospitals are mild and asymptomatic.
“If we can remove the mild and asymptomatic from the hospitals, we can have at least an additional 30 to 40% of beds available,” she said.
The health official said they are looking for more areas to be converted into isolation facilities.
The DOH earlier said it has set up modular tents and hospital extensions to accommodate more COVID-19 patients.
Vergeire said the triage system will be implemented first in Metro Manila and will eventually be adopted nationwide.
The DOH will meet with local government officials in Central Luzon and CALABARZON for the setting up of their own triage system, she added. – RRD (with details from Correspondent Aiko Miguel)
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