Manila is the hottest luxury home market in the world, beating out the likes of Boston, Tokyo and Paris, property consultancy Knight Frank said.
Beijing was tied for 25th place and was up by 4 per cent and ranked the highest among mainland China cities. Hong Kong was tied for 47th place, up by 1.8 per cent.Mainland renters outpace Western tenants as biggest spenders for luxury rental homes in Hong Kong The slower growth in luxury home prices was attributed to the end of the ultra-low interest rates era that began boosting real estate markets globally in 2008.
In 2018, Manila’s luxury homes market drew 6.5 billion pesos in investments, down 35 per cent from 10 billion pesos in 2017.In late January, a new luxury project with 180 prime residential units broke ground, adding supply to the market. Makati, the premier business district, and neighbouring Bonifacio Global City, corner Manila's luxury market. The Estate Makati, a joint project of firms owned by the Philippines' two wealthiest families, is expected to command higher prices.
Property consultancy CBRE said the Philippines positive economic story, whose economy has been rising by at least 6 per cent for 15 consecutive quarters now and is one of the fastest growing in the region, makes it an attractive investment site.