Manila Tops Knight Frank’s Prime Global Cities Index Q3 2023
Manila/ Venture/ Money

Manila Emerges as Global Prime Real Estate’s Hotspot in Q3 2023

Manila Emerges as Global Prime Real Estates Hotspot in Q3 2023

In the third quarter of this year’s Prime Global Cities Index (PGCI), Metro Manila has climbed two positions and became the top hotspot for Global Prime Real Estate, surpassing Dubai, according to Knight Frank, a London-based real estate consultancy and estate agency.

Prime Global Cities Index Q3 2023
Photo by Knight Frank

"Despite a modest 2.1% price increase this quarter, Manila claimed the top spot in our ranking with a 21.2% annual rise in prices," the report reads. The global real estate consultancy recorded a robust influx of both domestic and foreign investments in Manila in 2023.

The city's performance for this quarter relatively increased compared to the first two quarters, where Manila ranked 18th and 3rd, respectively.

Moreover, during the first quarter, Knight Frank recorded an annual price change in the world's luxury housing markets that turned negative for the first time since 2009.

Although this revival in the market is still fragile and susceptible to disruption if inflation exceeds expectations, Knight Frank noted that prices will only materialize once interest rates start declining, a change not expected to occur before the middle of 2024.

Get the latest curated content with The Beat Asia's newsletters. Sign up now for a weekly dose of the best stories, events, and deals delivered straight to your inbox. Don't miss out! Click here to subscribe.

This Week's Events In Manila View more

Sign up to receive updates on what's going on in the city. Don't miss out on exciting events, news, and more. Sign up today!

By submitting your email, you agree to our Terms and Privacy Notice
Thank you for subscribing! Click here if you were not redirected.