Prime Global Cities Index Q4 2024

Luxury Markets Regain Momentum

Knight Frank’s latest Prime Global Cities Index Q4 2024 reveals a renewed upward trend in luxury property markets. Prime residential prices across 44 global cities grew by 3.2% annually, marking an improvement from the previous quarter. While still below the long-term average, the market is showing resilience, with 34 out of 44 cities recording positive annual growth.

Key findings :

• Prime residential prices across 44 global cities grew by 3.2% annually, an improvement from the previous quarter but still below the 20-year average of 5.3% growth.
• Seoul was the top-performing market in 2024, with an 18.4% annual price increase, up significantly from 4.6% in Q3. This resilience comes despite ongoing political uncertainty.
• Tokyo’s prime market surged 10.6% in Q4, reversing a previous decline. A weakened Yen, despite Japan’s highest interest rates in 17 years, continued to attract foreign buyers.
• After years of volatility, North America, Europe, and Asia-Pacific markets are seeing more balanced growth rates, clustering around the global average of 3.2%.
• 34 out of 44 cities recorded positive annual growth, with fewer than 20% of cities experiencing price declines, signalling broad market resilience.

Liam Bailey, Knight Frank’s Global Head of Research said: “The path to lower rates has become more complex over recent months as developed economy inflation refuses to fall as policy makers would like. However, with most commentators expecting further cuts in 2025 this will be the factor that will unlock higher house price growth this year.”

Read the full report Knight Frank Prime Global Cities Index Q4 2024

Pia Arrieta, 11 Feb 2025 - News - Intelligence