A view of the skyline from the Makati City Hall in Manila, Philippines. Reuters

Business Bureau, Gulf Today

DUBAI: The latest market report by Knight Frank points to luxury homes as a great investment in the thriving industry. In 2018, Manila’s luxury home market saw the most growth in the world, with an 11 per cent increase in prices. The report compiled a list of the world’s hottest 100 cities, using each market’s price increase as its main unit of measurement. Manila’s increase is speculated to spring from a six per cent growth in the annual GDP and the lack of supply. Manila is closely followed by Edinburgh, Berlin, Munich, Buenos Aires, and Mexico. American cities Boston, San Francisco, Toronto, and Seattle also make the top 20 and have managed to overtake European cities such as Lisbon, Paris, and Frankfurt.

“We at Ayala Land are extremely glad to read this kind of report and evaluation as it is a clear manifestation of our promise to our investors and potential investors to deliver quality property and luxury investments in the Philippines”, says Janice One, Ayala Land UAE Office Manager.

“We are positioned in building sustainable and high-end communities with Ayala Land Premier maintaining its dominant position in the luxury segment, and Alveo cementing its position as the market leader in the upscale segment. Ayala Land also continues to grow its leasing business through commercial, retail, and office spaces, resorts and hotels and the launch of Seda hotels, the first all-Filipino hotel chain for the urban traveler. New business such as QualiMed, continue to enhance the sustainable communities that underpin Ayala Land’s operations as it enters new growth centers.” she added.

According to research and consultancy firm Knight Frank, Manila’s luxury property market performed best in the world.