Manila Is Fastest Growing Luxury Market in the World

Manila, the capital of the Philippines, saw a double-digit price increase in its luxury residential sector in 2018, making it the fastest-growing among 100 global prime markets tracked by Knight Frank.

Manila’s luxury prices—the average price of the top 5% of sales—appreciated 11.1% year-over-year due to the Philippines’s thriving economy and lack of supply on the market, according to Knight Frank’s Prime International Residential Index released Wednesday as part of its 2019 Wealth Report. 카지노사이트

However, Manila’s performance dims in comparison with the top performers in previous years, said Kate Everett-Allen, head of international residential research at Knight Frank.

“In the past 12 years that we have been compiling the index, the top-performing market has yet to record annual growth below 21%,” she said. “This is a breakaway from the norm.”

In 2017, 11 cities posted double-digit annual price increase. This year only five locations fell into this bracket, which, in addition to Manila, include Edinburgh, Scotland (10.6%); Berlin, Germany (10.5%); Munich, Germany (10%) and Buenos Aires, Argentina (10%).

Overall, the Knight Frank Prime International Residential Index rose 1.3% in 2018, the lowest rate of annual growth since 2012.

The slowdown in cities across Greater China, as well as negative growth in key global hubs, has dragged down the index, according to Knight Frank. 안전한카지노사이트

China’s top-tier cities, most of which had registered over 20% price increases in 2017, only saw marginal growth last year. Shanghai’s luxury prices edged up 0.1%, while Hong Kong rose 1.8% year-over-year.

Additionally, key global hubs such as New York (-2.5%), London (-4.4%) and Geneva (-2%) fell into negative territory.

In New York, the downward price trend was mainly attributable to an oversaturated luxury market, stock market volatility and a strong U.S. dollar, said Andrew Wachtfogel, senior vice president of research and analytics at Douglas Elliman, a local partner for the Knight Frank report.

Monaco Remains the World’s Most Expensive Market

Separately, Knight Frank also ranked the 20 most expensive cities in which to buy a prime property, by analyzing how much livable space US$1 million could buy in 2018. 카지노사이트 추천

Monaco continued to be the most expensive city, where US$1 million could buy just 16 square meters (about 172 square feet), followed by Hong Kong (22 square meters). New York and London tied for third place (31 square meters).

São Paulo, Brazil (US$1 million for 200 square meters); Cape Town, South Africa (177 square meters) and Dubai, U.A.E. (143 square meters) had the best relative value, according to Knight Frank.

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