"},"content":{"rendered":"<\/p>\n
<\/p>\n
Luxury residential real estate was a bastion of resilience in the face of the economic challenges of 2023, recording a notable increase of 3.1%.<\/strong> This positive trend was driven by dynamic markets such as Manila and Dubai<\/strong>, as reported by real estate agency Knight Frank in its latest report, The Wealth Report<\/strong>, published on Wednesday January 28<\/strong>.<\/p>\n <\/p>\n Manila, the capital of the Philippines, dominated the list of 100 markets tracked by Knight Frank, posting impressive price growth of 26%<\/strong>, closely followed by Dubai with an increase of 15.9%<\/strong>. However, performance in New York and London was more modest, with declines of 2%<\/strong> in 2023. Both destinations are 8% and 17%<\/strong> below their most recent peaks respectively.<\/p>\n <\/p>\n The Bahamas (+15%)<\/strong> comes third, while the Algarve and Cape Town (+12.3% each)<\/strong> round out the top five.<\/p>\n <\/p>\n In 2023, real estate markets were hit by rising borrowing costs, inflation and economic uncertainty, resulting in a notable drop in transaction volumes. This had the effect of supporting luxury property prices, while at the same time encouraging the expansion of high-net-worth portfolios thanks to recovering stock markets.<\/p>\n <\/p>\n “As wealth portfolios recovered in 2023, high-net-worth buyers targeted residential real estate in luxury markets around the world,”<\/em> said Liam Bailey<\/strong>, global head of research at Knight Frank.<\/p>\n <\/p>\n A view shared by Kate Everett-Allen<\/strong>, head of international residential property and country research. She notes that while “the pandemic-fuelled property boom was set to end in tears as borrowing costs hit their highest level for 15 years”,<\/em> prices have experienced “a much softer landing”.<\/em><\/p>\n <\/p>\n <\/p>\nDubai, a market apart<\/h2>\n
\n
\n\t\t