The global super-prime real estate market roared back in 2024, ending the year on a high note with record Q4 sales and strong demand fueled by ultra-high-net-worth individuals (UHNWIs).
According to Knight Frank’s Global Super-Prime Intelligence Q4 2024 report, there were 2,018 residential sales of $10 million or more across 12 major global cities, representing a 6% year-over-year increase. The final quarter of the year delivered an extraordinary 558 transactions, up 31% compared to Q4 2023 and 24% higher than the previous quarter.
Hong Kong and Miami Lead Global Surge
The standout performers in Q4 were Hong Kong, which saw an astonishing 380% year-over-year increase in sales, and Miami, which posted a 117% rise. Other major growth markets included New York and Dubai, both continuing to attract international wealth despite global economic uncertainties.
Hong Kong’s dramatic recovery follows two sluggish years, as the city rebounds from pandemic-related restrictions and a return of overseas investor confidence. Miami and Palm Beach benefitted from strong U.S. domestic demand and increasing appeal among global investors.
Europe Faces Decline Amid Uncertainty
While Asian and North American cities saw rapid growth, Europe’s super-prime markets lagged. London, Geneva, and Paris experienced year-over-year sales declines of 12% to 19%. In London, concerns over potential tax changes for non-domiciled residents contributed to subdued activity. Paris reported only 10 super-prime transactions for the year, highlighting its affordability but limited deal volume.
Rising Prices in Top Markets
The average super-prime sale globally climbed to $18 million, up from $17.4 million in 2023. Hong Kong led with an average sale price of $22.9 million, followed closely by London at $20.4 million. In contrast, Paris ($15.6M) and Dubai ($15.9M) remained the most affordable among the top 12 cities.
UHNWI Wealth Growth Boosts Market Confidence
A significant driver behind the market’s resilience is the growing population of ultra-high-net-worth individuals. Knight Frank’s latest Wealth Report indicates that the global UHNWI population grew by 4.4% in 2024, with North America leading at 5.2%. Moreover, 25% of global family offices plan to increase residential property investments over the next 18 months, signaling continued confidence in high-end real estate.
Outlook for 2025
With strong momentum from Q4 2024 and growing wealth across regions, Knight Frank anticipates robust activity to continue into 2025. While regulatory and tax changes may impact certain markets, the overall demand for super-prime homes remains resilient and globally diverse.
Key Takeaways:
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2,018 super-prime transactions globally in 2024 (+6% YoY).
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Q4 alone saw 558 deals worth $10 million or more (+31% YoY).
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Hong Kong and Miami posted the highest growth rates.
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Europe saw declines, particularly in London and Paris.
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Average global sale price hit $18M, led by Hong Kong and London.
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UHNWI population growth and investment plans signal strong 2025 prospects.
For real estate investors, developers, and advisors, these insights reinforce the importance of tracking global wealth trends and regional policy changes to anticipate demand in the luxury property segment.
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