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.
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%).