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Manila Bulletin devider Property and Living devider Manila claims top spot on luxury residential property list

Manila claims top spot on luxury residential property list

Surpassing Dubai on the Prime International Residential Index

Published Mar 9, 2024 07:29 am

Manila tops the list as the leading city globally in terms of property value appreciation in 2023. According to a report by the London-based real estate consultancy Knight Frank, Manila surged from its 2022 position of 87th to now rank 1st.

The latest edition of the 100-city Prime International Residential Index (PIRI 100) by Knight Frank revealed that Manila's performance in 2023 surpassed its 2022 figures, climbing from a negative 1.6 percent to an impressive 26.3 percent. This growth even surpassed that of Dubai, one of the wealthiest cities in the world.

Following Manila, Dubai recorded a 15.9 percent increase, followed by the Bahamas at 15 percent, and Algarve and Cape Town at 12.3 percent. Athens and Ibiza tied with 12 percent growth.

The study also noted that the Asia-Pacific region emerged as a hotspot in the residential property market, with a 3.8 percent increase compared to the Americas' 3.6 percent.

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Knight Frank Prime International Residential Index MBPropertyLiving
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