Global Super Prime Property Sales Increase in Q1/2024

According to Knight Frank’s latest Global Super-Prime Intelligence report, the total value of sales over $10 million properties totalled US$8.0 billion in the first quarter of the year, which was the strongest result since Q2 2023.

The report provides a quarterly snapshot of US$10 million+ residential sales conditions across 11 key international markets, with Dubai taking the lead again.

Key Findings:

• Sales Volume: In the first three months of 2024, there were 426 sales of properties worth over US$10 million across the 11 markets tracked by Knight Frank. This is an increase from 365 sales in the previous quarter but a decrease of 11.6% from 482 sales in Q1 2023.
• Annual Data: Over the 12 months ending in March, there were 1,618 sales, the lowest annual total in three years. The annual sales have stabilized in the 1,600 to 1,700 range over the past two years, lower than the post-Covid high in 2021 and 2022 but still above pre-Covid levels.
• Sales Value: Despite fewer sales, the total value of super-prime sales reached US$8.0 billion in Q1 2024, the strongest result since Q2 2023.
• Top Markets: Dubai leads with 105 super-prime sales, followed by New York (56) and Palm Beach (47). Dubai's total, while high, marked its first quarterly decline since 2019.
• London Market: The upcoming general election and uncertainty around the non-domiciled taxation regime have impacted London's market, causing a dip in Q1 sales. However, London remains the second-largest super-prime market globally, 15% ahead of New York in annual sales.
• Asian Markets: Hong Kong is the largest market in Asia with 132 sales in the 12 months to March, surpassing Singapore's 88 sales.

Liam Bailey, Global Head of Research at Knight Frank said: “Dubai’s arrival as a super-prime hub has helped to support global sales of US$10m+ property. Of the major markets Dubai, London, New York and Geneva are still seeing sales above the levels they experienced in the pre-pandemic period – helping to drive global activity.”

Read the full report: Knight Frank Global Super-Prime Intelligence Q1 2024.

Pia Arrieta, 13 Jun 2024 - Intelligence