Manila Surpass UAE as a Luxury Real Estate Heaven

Manila Surpass UAE as a Luxury Real Estate Heaven

Manila: Knight Frank`s Updated Wealth Report has landed Manila as the most luxurious real estate market. The Philippine’s Capital is now known for its luxury property growth surpassing UAE and Dubai. The latest report has stunned many property analysts around the world while affecting the global image of Dubai as the most attractive real estate investment king. Recently, Manila has observed a 26.3% increase in luxury real estate. This city is also regarded as one of the most densely populated areas in the world.
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According to the sources, Dubai ranked 2nd with 16% growth and Bahamas as the 3rd with 15% growth. Another famous tourist destination, Portugal ranked 4th with 12.3% and Cape Town ranked 5th.
It is also pertinent to mention that New York and London recorded a drop in luxury real estate. The latest report of the Knight Frank Institute mainly focused on positive reviews. These ranking cities have still managed to rank higher despite several challenges.
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The commercial sector did not perform well in the same year recording a fall of 46% to just $698 Billion in 2016. It was also due to the trend of working from home due to COVID-19 pandemic.
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