The capital of Philippines, Manila, has astonished many by surpassing Dubai as the city with the highest growth in luxury real estate, according to the most recent Wealth Report by Knight Frank, which was cited by the New York Post.
In the previous year, luxury real estate prices in Manila increased by a noteworthy 26.3%, surpassing Dubai, which had previously maintained the leading position.
Notably, the Bahamas secured the third position with a 15% price increase, closely followed by Dubai in second place with a 16% price growth.
Additionally, Cape Town and the Algarve in Portugal both ranked within the top five due to their undisclosed and 12.3% growth rates, respectively. It is noteworthy that luxury real estate prices witnessed a decrease in both New York and London.
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