Global luxury real estate prices climbed 3.1% on average last year, according to the 2024 Knight Frank Wealth Report. This year, 22% of ultra-wealthy individuals — those with $30 million in investable assets, including primary residence — plan to invest in real estate.
According to the report, 80 of the 100 markets that Knight Frank tracks on its Prime International Residential Index recorded flat or positive annual price growth in 2023.
Asia/Pacific was the strongest-performing world region, growing by 3.8%. The Americas followed at 3.6%, with Europe and the Middle East and Africa trailing at 2.6%.
Sun locations continued to outperform, up 4.7% on average, ahead of ski resorts at 3.3% and cities at 2.7%.
As markets adjusted to the higher cost of debt, sales took a bigger hit than prices. In London, New York, Dubai, Singapore, Hong Kong and Sydney, luxury sales declined on average by 37% year on year.
Prices in both New York and London dipped by about 2% in 2023, and now sit 8% and 17% below their most recent market peaks. That presents a strong opportunity for prospective buyers in those cities, according to the report.
See the accompanying gallery for the 20 global markets with the biggest price increases on high-end real estate.