Manila Beats Dubai as World’s Top Luxury Real Estate Market

What is the kingdom of the Top Luxury Real Estate Market? Real estate analysts and investors are amazed to learn that Manila Beats Dubai as the World’s Top Luxury Real Estate Market. According to the latest report by the UK’s leading real estate agency Knight Frank, the capital of the Philippines is ranked as the fastest-growing luxury real estate market in 2023. 

Top Luxury Real Estate Market 

Manila tops the list of the world’s 100 luxury real estate with a 26.3% yearly price growth, according to Mansion Global (an award-winning digital platform for real estate), followed by Dubai and Bahama with 16% and 15% price growth, respectively. To a greater surprise, the demand for opulent homes and commercial property has increased in the Philipines, ultimately increasing the prices which is a positive sign for the country’s revenue. Also, challenging Dubai’s position, as a leader in global real estate, the Asian capital Manila has stunned the world with its potential for affluent real estate. 

Why is Manila the Top Luxury Real Estate Market?

Top Luxury Real Estate Market

With the latest statistics about the Top Luxury Real Estate Market, everyone wants to know the reason behind Manila’s position. We have also researched to find the reasons, and some of the factors we found include;

  • Demand for affordable housing and lease properties
  • Demand for luxury residences
  • State policies like low interest rates
  • Ease for Foreign Direct Investments
  • BPO companies
  • Increase in business activities; e-commerce, supply chain, retail chains and industrial growth
  • Government infrastructure developments for connectivity; mixed-used, condominiums, townhouses, and office spaces

Prices of Property in The Top Luxury Real Estate Market

Top Luxury Real Estate Market

Real estate market experts have also stated that the growing demand and tight supply for luxury and commercial properties in Manila have resulted in price appreciation. Also, Filipinos have gained interest in second homes that show stable economic conditions for residents, encouraging them to buy more properties.  Some of the locations and their prices are shared below;

Forbes Park Average Price Per Square Meter: P500,000 to 650,000 (20 lac to 26 lac PKR)

Dasmarinas Village Price Per Square Meter:  P500,000 to 650,000 (20 lac to 26 lac PKR)

Urdaneta Price Per Square Meter: P450,000 to 550,000 (1,800,000 to 2,200,000 PKR)

Bel-Air Price Per Square Meter: P350,000 to 450,000 (1,400,000 to 1,800,000 PKR)

What We Learn from Manila’s Real Estate Growth?

Top Luxury Real Estate Market

The state’s interest in sustainable growth, ease of local business, youth’s interest, and foreign investments have added to the progress of the real estate market in the Philippines. Having an interesting analysis of Manila’s real estate market, we can adopt their features to accelerate the growth of the high-potential industry.

Other than luxury real estate, Pakistan has faced a housing unit deficit. However, vertical developments and affordable housing plans of real estate companies have fulfilled the country’s demand to some extent. 

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