Knight Frank published a quarterly report Global Super-Prime Intelligence, which released the results of the study of transactions with real estate worth $10 million or more. 11 major international markets were analyzed.
As reported in the results, the number of transactions with premium real estate has increased by 66% over the last 5 years. Between April and June this year, there were 463 transactions valued at $10 million or more – 13 fewer than in the previous quarter. However, compared to the pre-pandemic period, the number of transactions increased by 2-thirds. The numbers are predicted to increase as interest rates fall in 2025.
The Dubai market took the top spot with 436 transactions over the past year. In comparison, the figure was 23 in 2019. In Q2 2024 alone, 85 ultra-luxury properties were acquired, however, down from the record of 131 transactions in Q3 2023.
The second place with a strong gap from the leader was taken by New York: 72 transactions were made in the metropolis, which is a record for the last 2 years. The third place goes to Hong Kong with 61 transactions in Q2 2024, which is 41% more than in the first quarter of this year. The region is showing an increase in demand generated mainly by Chinese residents.
Geneva has seen an increase of 43 more transactions over the past 12 months – compared to 2019 data. In Palm Beach, the figure rose from 50 to 138, in Miami – from 41 to 149.
