- The luxury real estate market in Manila is experiencing unprecedented growth and is surpassing other major cities around the globe.
- With instability in investment and property markets in China and Hong Kong, wealthy families are now turning to Southeast Asia as a new migration destination, with the Philippines at the forefront.
- The real estate market in Manila is attracting overseas Filipino workers (OFWs), returning OFWs and high net-worth individuals (HNWIs) as buyers.
The luxury real estate market in Manila is experiencing a surge in value and is outpacing major global cities such as Dubai and Shanghai.
According to the Prime Global Cities Index from property consultancy Santos Knight Frank, Manila’s prime residential prices have increased by 21.2% year on year, indicating a strong demand for luxury homes in the Philippines.
Manila has emerged as the leader in terms of price growth among the most expensive cities in the world. With a double-digit growth rate, Manila has outpaced cities such as Dubai, Shanghai and Mumbai in terms of increasing domestic luxury house prices.
While sustaining this position may prove challenging, experts believe that there will continue to be a strong demand for ultra-luxury residential properties in Manila.
International high-net-worth individuals (HNWIs) looking to migrate to the Philippines should use a secure money transfer service that guarantees smooth overseas transactions.
The outskirts of Manila are experiencing high demand and buyers are also purchasing secondary homes in the provinces of Pampanga, Cavite, Bulacan, Batangas, Tagaytay and Laguna.
With prices ranging from £4,448 to £11,481 per square metre, these properties typically range from 250 to 350 square metres and have two to three bedrooms.
Geopolitical tensions, such as those in the South China Sea, Ukraine, Taiwan and Gaza, have been key factors driving this surge in the market.
These tensions have created instability in investment and property markets in China and Hong Kong, prompting a pivot towards Southeast Asia, particularly the Philippines.
Some of the most luxurious and expensive homes in the country are concentrated in Manila’s business districts. Makati City, Bonifacio Global City, the Manila Bay area and Rockwell are home to the city’s most expensive luxury residential properties.
Renowned developers such as Federal Land, Ayala Land, Rockwell Land, TransAsia and Shang Properties have created opulent living spaces that cater to the affluent elite.
With excellent security and new construction, these properties are the epitome of luxury and sophistication.
UK HNWIs with an interest in visiting South Asia will require a fast money transfer service to ensure a seamless experience.
Wealthy individuals can read money transfer reviews to gain valuable insights and guidance on the best currency exchange rates available.
