This is according to the Prime International Residential Index , which tracks the performance of 100 city, sun and ski locations globally, found within Knight Frank’s Wealth Report.
“Yet at the start of 2023, economists were expecting a much weaker outcome. Stock markets were headed for more pain, inflation was veering out of control, and the pandemic-fuelled property boom was set to end in tears as borrowing costs hit 15-year highs in some markets. Right? Wrong,” Knight Frank said.
Manila saw the most growth , followed by last year’s frontrunner Dubai , with the Bahamas completing the podium.“Along with rising prices, we have also seen an increase in the number of properties that have traded in the prime market,” said Nick Gaertner, Director and COO of Knight Frank South Africa.