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Don’t look now, but Metro Manila holds the crown as the world’s hottest market for luxury residential properties. According to global real estate consultant Knight Frank, Manila recently claimed the top spot among 46 countries worldwide. Luxury residential property values in the Philippine capital went up by 21.2% from last year. This makes the metropolis the top gainer for the 3rd quarter of 2023. 

Metro Manila: A Hive of Economic Activity

Metropolitan Manila is the center of the Philippines. With 14 million residents, Metro Manila is home to the country’s major business districts, government offices, and commercial centers. The 620-square-kilometer capital comprises 16 cities and one municipality. This includes major business districts in Makati, Pasig (Ortigas), and Taguig (Bonifacio Global City). Metro Manila is also a major transport hub that features major highways, an international airport, railways, and seaports.

Thanks to a rebounding economy, the Philippines managed to move on from the COVID-19 pandemic. Following a phenomenal 7.6% GDP growth in 2022, the country is poised to close out 2023 with a more modest 5.9% growth. Economic experts expect the GDP to rise 6.4% the year after. Weakening inflation and a return to normalcy in the business sector helped the Philippines withstand the pandemic’s lingering effects.

Top Luxury Residential Market Among 46 Cities Worldwide

The Philippine capital managed to gain the top spot in Knight Frank’s rankings by the third quarter of 2023. In doing so, Metro Manila managed to edge Dubai, which fell to second place with a 15.9% gain year-on-year. The metropolis owed its success to a strong infusion of domestic and foreign investments. 

Meanwhile, third-place Shanghai jumped from fifth thanks to its 10.4% growth from last year. For comparison, average luxury residential home prices worldwide rose by a modest 2.1% between September 2022 and September 2023. 

Despite higher interest rates due to worldwide inflation, Knight Frank reported that globally, the luxury residential market is showing relative stability. This premium segment consists of the top 5% of the most valuable properties in an area. Even as 67% of the 46 cities reported an increase in prices from last year, only 63% reported a rise from the previous quarter.

Metro Manila is Awash with Luxury Residential and Investment Options

With local developers resuming the construction boom that started before the pandemic, Metro Manila is now awash with residential projects. According to Colliers, the return of expats to the country is helping reduce vacancies in premium residential areas such as Alabang, Fort Bonifacio, Bay Area, Makati, and Ortigas. 

The real estate services and investment management firm expects the delivery of 4,920 residential units by the end of 2023 and another 9,620 units by 2024. If the economy continues to improve as manifested by lower interest rates, demand will continue to rise. 

While the Philippines has strict rules on land ownership, foreign nationals can still invest in the country’s many luxury residential options. The Philippine Condominium Act allows foreigners and foreign investors to own up to 40% of a condominium’s total number of units. For landed properties, long-term lease options are also available. In addition, the country also grants a Special Resident Retirees Visa (SSRV) to foreigners wishing to spend their later years investing in the country.   

Ohmyhome Has the Luxury Residential Properties You Want

Ohmyhome Has the Luxury Residential Properties You Want   

Foreign investors, OFWs, and local home buyers wanting to capitalize on Metro Manila’s new luxury residential status should check out the many available property options right now. However, going through individual developer websites or leafing through social media posts can be both complicated and time-consuming. Thankfully, Ohmyhome Philippines has the solution for you. 

As the country’s premier property tech platform, we have one of the biggest and most comprehensive property listings available today. With over 1,000 properties from 200 of the country’s developers, you have an entire directory of real estate properties at your fingertips. Our easy-to-use search engine can list down available units based on your preferences for location, property type, and price. 

Even better, Ohmyhome has a dedicated team of licensed real estate professionals ready to assist. They can help walk you through local property laws, get you the best financing options, and manage your documentation. Ohmyhome can also help you unload your previous Philippine property investments for added liquidity. 

To avail of all these, simply sign up for a free account and get started searching for your dream property. It’s that easy!  

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