Taipei, Guangzhou and Manila have been ranked among the top ten cities in the world for residential price growth by Knight Frank.
A mixture of economic growth, infrastructure improvements, and redirected capital due to tensions have propelled three secondary Asian cities into the top ten of the world for residential price growth, according to Knight Frank.
Taipei (3rd), Manila (4th) and Guangzhou (6th) were the highest-ranked Asian cities on Knight Frank's Global Prime Cities Index Q3 2019, which charts the movement in prime residential prices in local currency across 45 cities using data from the research firm's global network.
According to the report, the change in prime prices for all 45 cities averaged 1.1 per cent in the year to Q3 2019, down from 3.4 per cent in 2018 and 4.2 per cent in 2017.
Source: Knight Frank
Despite this, the 6.2 per cent growth recorded in Guangzhou's means it has experienced the strongest rate increase in the five years to September 2019 at 92 per cent.
Of the other Asian cities to make the top ten, Taipei had 8.9 per cent growth for the quarter, while there was 7.4 per cent growth recorded in Manila.
The research goes on to identify specific reasons for the performance of the top Asian cities, pointing to economic growth (Manila), infrastructure improvements (Guangzhou), redirected
capital due to tensions (Taipei).
Rick Santos, Chairman & CEO of Santos Knight Frank in Manila, told WILLIAMS MEDIA the Philippines capital was becoming an increasingly attractive market for residential buyers and investors.
"Manila’s strong performance is driven by a variety of factors, such as tight supply and a high level of demand from local buyers," he said.
"Knight Frank’s The Wealth Report forecasts that the number of ultra-high net worth individuals in the Philippines will increase by 38 per cent between 2018 and 2023 – the world’s second-largest growth only after India.”
Moscow led the index this quarter with prime prices rising by 11 per cent over the 12 months to September 2019 due in part to "strengthening demand and the completion of a number of high-end projects in prime areas such as Ostozhenka and Tverskoy".
Click here to view the full index.
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