Manila Emerges as Global Prime Real Estate’s Hotspot in Q3 2023
by: The Beat Asia
November 14, 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.
"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.
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.