{"id":2315,"date":"2019-03-06T11:11:51","date_gmt":"2019-03-06T11:11:51","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=2315"},"modified":"2021-06-04T14:18:23","modified_gmt":"2021-06-04T07:18:23","slug":"manila-now-the-worlds-fastest-growing-luxury-home-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/manila-now-the-worlds-fastest-growing-luxury-home-market\/","title":{"rendered":"Manila now the world\u2019s fastest-growing luxury home market"},"content":{"rendered":"<figure id=\"attachment_2318\" aria-describedby=\"caption-attachment-2318\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-2318\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/03\/shutterstock_1019903425-compressor.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_1019903425-compressor.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_1019903425-compressor-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_1019903425-compressor-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-2318\" class=\"wp-caption-text\">A &#8216;jeepney&#8217; parked outside Manila City Hall. ArtyOoran\/Shutterstock<\/figcaption><\/figure>\n<p>Manila has clinched the top spot on\u00a0<a href=\"https:\/\/www.knightfrank.com\/wealthreport\/2019\/property-investment\/piri-100-2019\" target=\"_blank\" rel=\"noopener\">Knight Frank\u2019s Prime International Residential Index 2019<\/a>.<\/p>\n<p>With luxury property prices rising 11.1 percent in the year to December, the Philippines\u2019 populous capital outpaced price movements in 99 other residential property markets tracked by the index, now in its 12th\u00a0year.<\/p>\n<p>Manila\u2019s ascent up the survey is attributed to a lack of supply and a thriving economy, emboldening expatriates to \u201cgrab their own slice of real estate back home,\u201d wrote Kate Everett-Allen, head of international residential research for Knight Frank.<\/p>\n<p>The Philippines&#8217; annual GDP\u00a0growth exceeded\u00a06 percent\u00a0in 2018.<\/p>\n<p>\u201cHowever, its performance needs to be put into perspective. In the past 12 years that we have been compiling the index, the top-performing market has yet to record annual growth below 21 percent. This is a breakaway from the norm,\u201d she said.<\/p>\n<p>Edinburgh ranks number two, with prime home prices in the Scottish capital posting an annual growth of 10.6 percent. Singapore, the only other Asian city in the top 10, saw luxury home prices appreciate by 9.1 percent, outpacing growth in Boston (8.6 percent), Madrid (8.1 percent) and San Francisco (7.8 percent).<\/p>\n<p>Manila\u2019s growth also puts it ahead of Berlin (10.5 percent), Munich (10 percent), Buenos Aires (10 percent), and Mexico City (9.5 percent).<\/p>\n<p>\u201cBurgeoning rental demand, limited supply and, in most cases, buoyant local economies have seen annual price growth in Edinburgh, Berlin and Munich rise above 10 percent,\u201d said Everett-Allen.<\/p>\n<p>Overall, the value of the 100 markets tracked by PIRI increased by just 1.3 percent on average last year, making it the index\u2019s lowest annual growth since 2012. Only five cities registered double-digit annual growth in this year\u2019s index, compared with 11 cities previously.<\/p>\n<p><em>Top 10, Knight Frank\u2019s 12th PIRI 100\u00a0<\/em><\/p>\n<ol>\n<li>Manila<\/li>\n<li>Edinburgh<\/li>\n<li>Berlin<\/li>\n<li>Munich<\/li>\n<li>Buenos Aires<\/li>\n<li>Mexico City<\/li>\n<li>Singapore<\/li>\n<li>Boston<\/li>\n<li>Madrid<\/li>\n<li>San Francisco<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Philippines\u2019 capital tops Knight Frank\u2019s Prime International Residential Index 2019<\/p>\n","protected":false},"author":2,"featured_media":19968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-2315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Manila now the world\u2019s fastest-growing luxury home market | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/manila-now-the-worlds-fastest-growing-luxury-home-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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