20 Hottest Luxury Real Estate Markets: 2024 – ThinkAdvisor

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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.


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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.

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