Manila And Tokyo Lead Global Rally Prime Residential Market 1Q2024 Knight Frank
According to the Prime Global Cities Index by Knight Frank, the residential real estate markets in Manila and Tokyo were among the top performers in the first quarter of 2024, based on average annual price growth.
The index, which tracks the movement of prime residential prices in 44 global cities, recorded an average annual growth rate of 4.1% in the first three months of the year.
Knight Frank’s global head of research, Liam Bailey, explains that rather than signaling a return to boom conditions, the index shows that upward price pressures are driven by healthy demand and low supply. He predicts that once interest rates go up, more vendors will enter the market, resulting in a welcome return to liquidity in key global markets.
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At the top of the chart was Manila, which saw a 26.2% year-on-year increase in residential property prices in the first quarter of 2024, followed by Tokyo with a 12.5% year-on-year increase.
Singapore’s prime residential market ranked 16th on Knight Frank’s global chart, with a 5% year-on-year increase in prices last quarter. Bailey attributes Manila’s strong growth to a strong economy and significant infrastructure investment. Tokyo’s robust growth is attributed to favorable mortgage terms and a weaker yen that has attracted foreign investment.
Other cities in the top ten include Mumbai, Perth, Delhi, Seoul, Christchurch, Dubai, Los Angeles, and Madrid.
Christine Li, head of research at Knight Frank Asia-Pacific, notes that even amidst China’s struggling property markets, prime residential prices in tier-one cities have remained resilient, with an average year-on-year increase of 2.8% in the first quarter of 2024. She credits this to the less price-sensitive buyers and lower supply in the prime segment. Li predicts that with home buying curbs easing and supportive government policies, the prime segment in China will continue to see stable prices throughout 2024.
In summary, Manila and Tokyo were the top performers in Knight Frank’s Prime Global Cities Index for the first quarter of 2024, with strong economic growth and favorable market conditions driving residential property prices in these cities. While the Chinese residential market faced challenges, the prime segment remains resilient and is expected to maintain stable prices in the coming months.