Global Super-Prime sales rise 66% in five years, Q2 2024

Knight Frank’s latest Global Super-Prime Property report reveals a significant 66% rise in sales of US$10 million+ homes over the past five years. In the 12 months leading up to June 2024, super-prime transactions across 11 key markets reached an impressive US$33.4 billion.

The pandemic has accelerated this growth, with Dubai, Miami, and Palm Beach emerging as hotspots for high-value property deals. As global wealth continues to increase, these markets remain at the forefront of luxury real estate demand.

Key Findings:

• A total of 463 US$10m+ sales took place in the three months to June 2024 across the 11 markets tracked, marginally down on the 476 sales seen in the previous quarter.
• The total super-prime sales values across the basket of 11 markets reached US$33.4 billion in the 12 months to June 2024.
• The pandemic has significantly expanded the super-prime market, with a notable surge in activity in areas like Palm Beach, Miami, and Dubai, leading to a substantial increase in total annual sales values from $20.1 billion in 2019 to $33.4 billion.
• Dubai is the standout growth market, with US$10 million+ sales rising from 23 in 2019 to 436 in the most recent 12-month period. Geneva has also seen a surge, with sales increasing from 59 in 2019 to 102 in the most recent period. Palm Beach has gone from 50 to 138, and Miami has experienced a remarkable rise from 41 to 149.
• The growth in the super-prime market is driven by a broader increase in global wealth, with a 19% rise in ultra-high-net-worth individuals (UHNWIs) over the past five years, particularly in the U.S. and the Middle East, where the UHNWI population increased by 8% and 6.2% respectively in 2023.

Liam Bailey, Global Head of Research at Knight Frank said: ““Substantial wealth creation has supported the growth in the global super-prime sales market. The transformation of markets like Dubai, Palm Beach and Miami has more than offset the slowing experienced by some more mature markets. With rates moving lower total transaction volumes are likely to tick higher into 2025.”.

In Q2 2024, prime property sales surged in Marbella, Estepona, and Benahavís, solidifying the Golden Triangle as a luxury real estate hotspot. Marbella’s recognition as this year’s Best European Destination has further boosted its appeal among ultra-high-net-worth individuals. While a lack of publicly accessible and updated official records makes it difficult to confirm exact figures, our own data indicates strong growth driven by the area's prestige, world-class amenities, and continued international interest. This mirrors the upward trends seen in other global super-prime markets.

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

Pia Arrieta, 06 Sep 2024 - Intelligence - News