THE luxury residential market in Metro Manila is experiencing significant growth.
In 2023, the prices of luxury residential units surged by 21.2 percent, the fastest increase globally, surpassing Dubai and Shanghai.
Rick Santos, chairman and chief executive of Santos Knight Frank, attributes this to the limited prime residential stock in Metro Manila and high demand from wealthy buyers.
Metro Manila remains attractive to both local and international buyers due to its relatively affordable property prices compared to other global cities.
For instance, in 2022, $1 million can purchase about 158 square meters of prime residential property in Manila, significantly more than what is available in Monaco, New York, or Singapore.
This affordability, coupled with resilient demand during the pandemic, makes Metro Manila an appealing destination for luxury real estate investments. (Property Report)
