Just my two cents: General increase in land prices in prestigious villages mainly due to:
- Prices shown in the graph are “highs”, average prices should be 10% to 15% lower.
- Lots in these Makati villages are very rare. The low supply allows sellers demand exorbitant prices for their properties in these villages.
- In the past 6/7 years, more people are entering the “ultra high net worth individual” space which in turn is attributed to bustling businesses/booming Philippine economy (it’s more common to see Ferraris and Lambos in recent years).
- These are the people buying at those prices.
- Optimism on Philippine economy have influenced the current ultra high net worth individuals to land bank.
- What would be interesting to see is data prior to 2010. My guess is, the uptrend shown in the graph is also a recovery of prices from the dip in prices from the Global Financial Crisis back in 2006/2007.
- Dip in prices in Green Meadows is due to the earthquake scare. Green Meadows is found near the fault line.
- Increase in prices in Ayala Alabang due to the completion of Stage 2 (exit to Alabang’s South Station) back in April 2011.
Here’s the original article from Entrepreneur: http://www.entrepreneur.com.ph/news-and-events/which-high-end-villages-tripled-average-land-prices-in-the-last-6-years-a00200-20170925
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