Global Sales of Super Prime Residential Units Cross 2000

Sales of super-prime residential units ($10 million+) across 12 major city markets hit 2,018 units in 2024, marking a 6% increase from the 2023 total as a surge in Q4-2024 sales, which were up 31% compared to the same period a year earlier, helped drive the market higher, according to real estate consultancy firm Knight Frank.

In its latest report, Knight Frank said that the global super-prime sales ended 2024 on a high, with 558 $10 million+ transactions in the last quarter of 2024, a 24% increase from the previous quarter and 31% higher than the corresponding in the previous year.

The surge in activity was driven by substantial growth in Hong Kong sales, up 380% y-o-y, Miami (up 117% y-o-y, with strong growth also noted in New York and Dubai, the report said.

In 2024, five markets experienced an increase in sales over 2023 levels, led by a revival in key US centres such as Miami, Palm Beach, and New York, and a notable recovery in Hong Kong, which has endured two weak years in 2022 and 2023 when lockdown measures constrained the market following the pandemic.

European markets experienced a weaker 2024, with London, Geneva, and Paris all seeing sales decline over the year by between 12% and 19%, the report said.

At a global level, four markets – London Los Angeles, Singapore and Sydney, have seen continual contraction since the post-Covid 2021 market peak.

In London’s case, sales reached a significant high in 2021 before drifting lower to more typical levels in the subsequent two years. The total for London in 2024 was impacted by speculation over new regulations for wealthy non-domiciled residents.

In Singapore, the numbers were affected by the introduction of a 60% stamp duty rate on most foreign buyers, which took effect in April 2023.

The average price for a super prime property reached $18 million in Q4, up from $17.4 million a year earlier.

Despite weaker volumes in recent quarters, London holds second place for the most expensive super-prime properties, with sales averaging $20.4 million in Q4, trailing only Hong Kong at $22.9 million.

Dubai and Paris Most Affordable

The most affordable markets were Paris and Dubai, with average prices of $15.6 million and $15.9 million, respectively.

The latest data from The Wealth Report, which was released by Knight Frank in March this year, pointed to strong continued demand, with the global UHNWI population growing by 4.4% through 2024, led by North America with a 5.2% increase over the year.

The report also confirmed continued demand for residential property from wealthy buyers, with 25% of global family offices managing private residential portfolios confirming their plans to expand their holdings over the next 18 months.

Liam Bailey, Knight Frank’s global head of research, said that after a slow summer, 2024 ended with a bang for super-prime markets with a surge in sales during the final three months of the year.

“Dubai still dominates in terms of sales volumes, but New York, Hong Kong, and Palm Beach are back, confirming that super-prime demand remains global. A positive wealth creation backstory points to continued healthy deal flow in 2025,” Bailey added.