Manila Recognized as World’s Top Housing Market in 2024 for Value Appreciation

Manila’s Housing Market Ranked First Globally for Value Appreciation Q1 2024

Formerly known as Maynilad, Manila is located in the National Capital Region on the island of Luzon, Philippines. It is also called the “Pearl of the Orient” for its natural beauty and rare pearls that lie in its sea. In addition, Manila is the country's main hub of economic, cultural, and diplomatic ventures. This bustling city also has new large-scale infrastructure projects set to be completed in the following years that will positively affect its economy.
 
Just recently, Manila’s housing market ranked first globally for value appreciation in the first quarter of 2024. Real estate experts believe this recognition will attract more investors to the city.

World Housing Prices Rise Annually by 4.1%

During the first quarter of 2024, the Global Cities Index increased an average of 4.1% annually. This growth rate comes from the global real estate consultant Knight Frank Prime, which covers 44 housing markets. In the third quarter of 2022, almost all central banks implemented a strict monetary policy, and interest rates skyrocketed. Experts consider it the highest growth rate since 2022. Furthermore, a price growth of 0.3% has been recorded in Q4 2023 and surged by 1.1% in Q1 2024.
 
However, the COVID-19 pandemic caused the annual growth rate to drop from zero. So, although housing prices increased by 4.1%, it is still below the average annual growth rate. Nonetheless, experts recorded a 1.3% quarterly growth, conforming with the long-term average return. In the recent ranking of 44 cities, annual price growth is evident in 78% of the market, and 19% are experiencing depreciation. 9 cities were also going through a 5% price decline during the first quarter of 2023.
 
In Q1 2024, only the Frankfurt housing market experienced a price decline. Global experts state that the housing markets are going through a rebound as the annual growth rate reached 4.1%. On the contrary, the Global Cities Index does not indicate a flourishing situation. Instead, it suggests that the surging prices are due to low supply but high demand. 

Manila Hailed as World’s Top Housing Market

Mean while, Manila was hailed as the world's top housing market for 2024 in terms of price appreciation. Based on the Knight Frank Prime Global Cities Index Q1 2024, Manila reached an annual growth of 26.2%. Second on the list is Tokyo, reaching an annual growth of 12.5%. Other major cities also witnessed solid growth. Mumbai reached 11.5%, Perth 11.1%, and Delhi 10.5%.
 
While other cities are far more developed, Manila’s impressive economic performance and transformative infrastructure have boosted the growth rate of the city’s housing market. Thus, investors will benefit from this situation, especially those planning to capitalize on rental properties.
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Robust Expansion in Major Cities Worldwide

Aside from that, the housing markets of other major cities worldwide are witnessing solid growth. For instance, Seoul reached an annual growth rate of 9.6%, Dubai at 8.6%, Los Angeles at 8.3%, and Madrid at 7.6%, taking the 10th spot in the Global Cities Index Q1 2024. These figures indicate healthy growth in various housing markets.
 
In contrast, weak housing markets continuously record negative growth due to high interest rates, influencing real estate affordability. Hence, investors around the globe are encouraged to invest in Manila’s real estate since it guarantees promising investment returns and capital appreciation. 
 
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