IF real estate capital appreciation is any indication, there is no doubt the Philippines’ middle income population has risen. According to a report by global property services firm Jones Lang Lasalle (JLL) on Tuesday, Metro Manila’s luxury residential market registered the strongest price growth among eight monitored markets in the Asia Pacific as of the third quarter of 2015.

The report had it that in the 12 months ending in third quarter of 2015, prices for luxury residential properties in Manila increased by 13.2 percent from the previous year, topping Hong Kong (up 4.4 percent), Jakarta (up 10.6 percent), Beijing (down 0.4 percent), Singapore (down 9.1 percent), Shanghai (up 7.4 percent), Bangkok (up 0.1 percent), and Mumbai (up 1.4 percent).

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