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Mukul Munish

Asia’s luxury property market has grown sharply in value fuelled by the rise of ultra high-net-worth individuals. A recent report by international property consultancy Knight Frank shows that two Asian cities are in the top 10 of the world’s most desirable investment destinations for 2019. The Philippines’ capital Manila and city state Singapore’s luxury property markets are considered the hottest destinations in Asia.
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The report says investing in luxury homes will provide better returns than in many traditional areas this year.

Manila’s luxury home market has experienced the highest growth in the world during this time, with an 11 per cent increase in prices, according to Knight Frank. The report listed the world’s hottest 100 cities, using each market’s price increase as its main unit of measurement. Manila’s increase is said to spring from annual GDP growth of 6 per cent and a lack of supply.
Manila’s luxury home market has experienced the highest growth in the world during this time


Manila is closely followed by Edinburgh, Berlin, Munich, Buenos Aires and Mexico. North American cities Boston, San Francisco, Toronto and Seattle have eclipsed European cities Lisbon, Paris, and Frankfurt to break into the top 20.
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Janice Ong, Ayala Land’s UAE office manager, says the property company is happy with the findings of the report. Manila-based Ayala Land is one of the biggest luxury property developers in the Philippines.

Looking back at the market update for the first quarter, the same consultancy reported that Manila owed its economic progress to the rise of the ultra-wealthy, or Filipino ultra-high-net-worth-individuals. The number of these individuals, defined as those with a net worth of at least US$30 million, exceeded 300 in 2017. A typical ultra-high-net-worth-individual owns two to three homes on average, according to a market survey. They have also expressed the desire to buy another home in the country within the next year.

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Alabang is projected to become Manila’s “next hotspot” in a separate Knight Frank study ranking the neighbourhoods poised for a breakthrough in luxury homes. Infrastructure projects, such as Skyway Stage 3, which will link the North and South Luzon Expressways by mid-2020, are expected to entice more luxury property investors.

Ayala Land’s Ong says developments in the Philippines have convinced investors from the UAE and the Middle East to be more confident about investing in the Philippines. She expects this trend will continue.
Ayala Land saw a 22 per cent increase in UAE-based investors from 2017 to 2018.
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The Philippines capital and Singapore are considered the hottest destinations in Asia by consultancy Knight Frank


Luxury homes, is Manila the place to buy property now while the going is good?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Philippines capital and Singapore are considered the hottest destinations in Asia by consultancy Knight Frank

The Philippines capital and Singapore are considered the hottest destinations in Asia by consultancy Knight Frank