This Asian capital has unseated Dubai as the world’s fastest-growing luxury property market

A surprising contender in Asia has unseated Dubai for the title of most luxury property growth. According to Knight Frank’s new Wealth Report, Manila was the fastest-growing high-end real estate market in the world last year, Mansion Global first reported.

The capital of the Philippines, which is widely known as the densest city on Earth, outpaced the high-gloss Middle Eastern destination — which took the crown in Knight Frank’s last report — with its 26.3% reported annual price gains in upscale real estate.