Manila Emerges as Global Prime Real Estate’s 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.

"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.