Manila’s prime residential prices dipped annually by 0.1% in the second quarter of 2022, a reversal of the 10.3% growth in the same period a year ago, latest report from the London-headquartered real estate consultancy ﬁrm Knight Frank showed. However, this decline was slower than the 1.5% contraction in the ﬁrst three months of the year. This put the Philippine capital at 40th spot out of 45 cities included in the latest edition of the Prime Global Cities Index. It improved by a notch from 41st in Q1 2022 edition but fell by 27 places from 13th rank a year ago. The quarterly report tracks the performance of prime global cities in terms of luxury residential prices. The valuation-based index does not only track movement of prime residential prices but also tracks nominal prices in their local currency.