Manila plunges in annual luxury residential market list
Manila has the second-lowest contraction in luxury residential prices in Asia-Pacific in 2021, according to the latest Prime International Residential Index (PIRI) by London-based real estate Knight Frank. Prices of luxury residential properties in the Philippine capital declined by an annual 1.5%, next only to the 3.6% drop in Bangkok, Thailand. Manila placed 97th out of 100 key cities in the annual list, plunging 96 places from being the hottest prime residential market in 2020. This was its steepest decline since being included in the annual list in 2017.
