Luxury housing in the capital of the Philippines, the most populous city in the world, Manila, rose by 26.3% in 2023 – the highest among the 100 global markets monitored by Knight Frank, writes Mansion Global, citing the company’s report.
The second place in terms of growth was taken by the leader of the previous rating – Dubai, where the cost of luxury residential real estate increased by 16%.
The Bahamas took the third place with a 15% increase, while the fourth and fifth places were shared by the Portuguese Algarve region and South Africa’s Cape Town (+12.3%).
Global luxury housing prices grew by 3.1% last year, while 80 out of 100 monitored markets avoided recession.
Among the world’s regions, the best result was shown by Asia-Pacific, where luxury real estate rose by 3.8%. In North, South and Central America, growth was 3.6%.
The results of 2023 were significantly better than the forecasts of economists at the beginning of the year, said Kate Everett-Allen, head of international residential real estate research at Knight Frank, in the report.
