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So here I am, an American living here for over a year now, soaking in the sun, the culture, and yeah, the real estate scene too. I rent this slick high-rise condo in one of the swankiest spots in the city. I’m living the good life, but little did I know that this city's high-end housing market is going absolutely bonkers!
Hold on to your overpriced lattes, because get this: Manila led the entire planet in luxury home price growth last year. Yeah, you heard me right. Not New York, not London, not even Dubai. Manila. The same place where you can get a full meal for less than your subway fare back home. It’s now the playground of the rich and fabulous.
Now, I know what some of you are thinking. “Why the hell would I move to the Philippines?” Well, I got a comment that went something like this: "There’s no way I’m setting foot in the Philippines. Crime’s through the roof, militants running amok, prisons are like a dystopian nightmare, and the government? Corrupt as hell. The Philippines just wants American dollars and a free pass to the U.S. Dubai, now there’s a place-clean, safe, loaded with cash, and not as crowded."
Charming, right? Well, not everyone shares that cheery perspective. Another commenter chimed in with: "The Philippines are U.S. friendly. And they’re cheap, relatively speaking. Manila was a wild, bustling city when I visited a few years ago. Construction cranes everywhere, and an energy you just don’t find in the West anymore."
So, what’s the real deal here? Why is Manila, of all places, the new hotspot for luxury real estate? According to Knight Frank’s Wealth Report, the capital of the Philippines saw a whopping 26.3% annual price gain in its high-end market in 2023. Dubai, which used to be king, slipped to second place with a measly 16%. The Bahamas took the bronze with 15%. And in case you’re wondering, Portugal’s Algarve and Cape Town in South Africa also made the top five.
Despite rising interest rates and a global cost of living that feels like it’s on steroids, luxury residential markets held their ground last year. Apparently, the world didn’t collapse under the weight of economic doom and gloom as predicted. Go figure.