In a surprising turn of events, Knight Frank agency's analysis of luxury real estate prices from September 2022 to September this year revealed Manila, Philippines, as the leader in housing cost increases. The top 5 markets in terms of price growth over the year are as follows:

1. Manila, Philippines: +21.2%
2. Dubai, UAE: +15.9%
3. Shanghai, China: +10.4%
4. Mumbai, India: +6.5%
5. Madrid, Spain: +5.5%

Contrary to expectations, Dubai didn't claim the top spot, primarily due to a gradual decline in demand during the third quarter. Investors are becoming more discerning, leading to a shift in the market. Manila, on the other hand, emerged as a rising trend.

However, some cities experienced "negative growth," with San Francisco, USA, facing a significant decline of 9.7%, and Frankfurt, Germany, recording a decrease of 5.4%. San Francisco's real estate market struggles to recover from the pandemic, with elite buyers opting for more promising locations like Florida.

For those seeking to capitalize on future positive price differentials, a closer look at the Philippines and Southeast Asia, in general, is recommended. (Explore real estate opportunities with VelesClub for strategic investments in emerging markets.)