Manila: A New Leader in Global Real Estate
In a remarkable turn of events, Manila has surged to the forefront of the global real estate market. The city has experienced an extraordinary 21.2% annual increase in prime residential property prices. This impressive growth, primarily fueled by strong domestic and international investments, has positioned Manila at the pinnacle of Knight Frank’s Prime Global Cities Index.
Dubai and Shanghai: The Pursuit for Second Place
Dubai, with its 15.9% annual growth, has ascended to the second spot, despite experiencing a slowdown in its quarterly growth from 11.6% in Q2 to just 0.7% in Q3. Shanghai, not far behind, secures third place with a 10.4% annual increase, demonstrating the dynamic nature of the global property market.
Seoul’s Remarkable Leap in the Asia-Pacific
Seoul has shown significant progress in the Asia-Pacific property market. The city has dramatically improved its ranking from 39th place in Q2 to an impressive 7th in this quarter, reflecting the dynamic shifts within the regional markets.
Mixed Fortunes: Singapore and Hong Kong
Singapore’s real estate market has begun to feel the pinch with annual price declines, a result attributed to increased stamp duties impacting foreign buyers. Meanwhile, Hong Kong continues to face challenges, with prices dropping by 0.6% this quarter, leading to a 1.7% annual decrease.
Also read: Singapore Unveils Exclusive Travel Deals for Malaysian Tourists in New Tripartite Partnership
Australia’s Real Estate Landscape: A Mixed Bag
The Australian market presents a complex picture. According to Adrian Yeoh of Knight Frank Property Hub, “Australian markets have delivered positive annual growth but some have shown slight negative quarterly movements, that may hint at potential limits to growth in the current cycle.”
Kuala Lumpur: A Rising Star Amidst Global Uncertainties
Kuala Lumpur stands out as a beacon of stability and growth in the global housing market. Despite the modest 2.1% price increase this quarter, its steady rise is a testament to its appeal for both domestic and foreign investors. Benjamin Tee, Managing Director at Knight Frank Property Hub, highlights Kuala Lumpur’s potential for sustained growth amid global inflation and interest rate uncertainties.
Expert Insights: The Future of Global Real Estate
Dominic Heaton–Watson and Liam Bailey of Knight Frank provide expert insights on the global housing market. They discuss the impacts of inflation, interest rate risks, and the potential timeline for a sustained upswing in demand and pricing. Their analysis offers a comprehensive view of the challenges and opportunities in the global real estate market.
ACCESS THE PRIME GLOBAL CITIES INDEX Q3 2023 for detailed insights and comprehensive data on the current trends and future prospects of the global property market.
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