Despite the ongoing COVID-19 pandemic Metro Manila, luxury real estate has managed to avoid a potential downturn, according to JLL Philippines. The upscale real estate has remained steady and this is partly responsible for the rising home prices in Metro Manila this year while activity has slowed across other residential property segments in the region.
“Luxury projects are doing relatively well while some declines of existing projects are offset by the resiliency of upcoming projects in Taguig and Makati, but the mid-level has been affected by price decline given the weakened overall demand,” Janlo Delos Reyes, Head of Research and Consultancy at JLL Philippines, was quoted as saying by the Manila Bulletin.
Metro Manila luxury real estate launches slow but don’t stop
The Metro Manila luxury real estate segment recorded its strongest performance ever with Knight Frank ranking the market first in Asia Pacific and fourth globally at the time, a little more than a year ago.
And while new upscale launches have slowed in 2020, they haven’t stopped entirely. Perhaps the most notable new development to be announced this year is Nuvali Heights’ Andacillo – Phase 4, the highest and most unique phase in the area the Nuvali, Laguna area.
The project is to be developed by Ayala Land Premier – bringing their unique expertise. Among the most notable features of Andacillo Phase 4 is a cliff-side feature with cuts ranging from 550 sqm up to 1000+ sqm. The said phase was almost sold-out a week after its launch.
The developer recently announced that they will launch a new project beside Ayala Westgrove Heights in Silang, Cavite by early January next year.