Manila ranks top 2 in Prime Global Cities Index
Asian markets dominate, with Manila maintaining short-term growth in the global luxury housing ranking, as reported by Knight Frank
Published Aug 21, 2026 12:06 pm
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Updated Aug 21, 2026 04:51 pm
The Estate Makati, one of the luxury residential developments in Makati CBD. (Artist's perspective: The Estate Makati)
For the first quarter of 2026, Manila has surged to second place globally in prime residential price growth, surging 19.9 percent year-on-year. The Philippine capital's performance underscores Asia’s strong command over the latest Prime Global Cities Index—a valuation-based tracker following nominal prices in local currency across 47 cities worldwide.
While overall global luxury housing growth moderated to two percent annually in the first quarter of the year, down from 2.9 percent from the fourth quarter last year and four percent a year earlier, Asian powerhouses continue to drive the top of the rankings in annual growth: Tokyo in first place (44.4 percent); Manila in second place (19.9 percent); Seoul in third place (11.3 percent); Singapore in fourth place (9.8 percent; Mumbai in fifth place (8.2 percent); and Bengaluru in tenth placement (5.2 percent).
Short-term momentum shifts
Beyond annual figures, quarterly metrics reveal shifting dynamics. Manila maintained steady short-term momentum with a 3.3 percent quarterly gain, second only to Seoul's region-leading 5.4 percent jump. Meanwhile, Tokyo experienced a sharp 8.6 percent quarterly decline—the weakest three-month result across the entire index—signaling a cooling off after its massive annual rally.
Narrowing global landscape
Globally, the luxury property expansion is becoming increasingly selective. Out of 47 tracked markets, 30 posted annual price gains while 17 declined.
Markets in mainland China and Canada primarily occupied the lower end of the index. Shenzhen saw the sharpest annual pullback at -11.9 percent, followed by Vancouver (-10.4 percent) and Toronto (-9.5 percent). London also stayed in negative territory at -4.0 percent.
“The latest results point to a more selective phase for global luxury housing markets,” said Liam Bailey, Knight Frank’s global head of research. “Price growth remains positive overall, but the pace has cooled and performance is increasingly concentrated in a smaller group of markets. As rate expectations, currency movements, and wealth flows continue to shift, city-level fundamentals are likely to matter more than broad global momentum.”