Philippines Leads in Luxury Home Price Growth

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Philippines Leads in Luxury Home Price Growth

According to Knight Frank’s Wealth 2023 Report, the Philippines’ capital, Manila-Makat-BGC CBD, surged ahead of Dubai to claim the title of the fastest-appreciating luxury real estate market in 2023.

Despite its very dense population, humid weather, and perhaps the worst traffic in the world, the high-end real estate sector has seen an average annual price increase of at least 20-26%, outperforming other markets around the globe.

The report indicates that out of the 100 markets surveyed, 80 showed stable or positive annual price growth. On average, luxury prices increased by 3.1% globally, marking a solid gain.

The Asia-Pacific region has emerged as the most prosperous, with luxury prices rising by 3.8% annually, surpassing the Americas, where luxury home prices saw a lower 3.6% increase.

According to Knight Frank’s 2024 Report, “Over the five years to 2028, Asia’s wealthy population is set to grow faster than any other region in the world.”

As HK, China, and Japan slow down, Indonesia and Vietnam will experience much of the yield, especially the booming “construction Philippines.”

All eyes on the Philippines

Currently, the European Union, Singapore, and Japan are the primary investors in the country, having infused billions of dollars over the past decade. This trend is poised to propel the Philippines towards becoming a bona fide economic tiger cub.

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