The 1% Goes On A Global Luxury Real Estate Spree–Sales Of Properties Over $10 Million In World’s Most Glamorous Cities Surges By 30%

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The 1% Goes On A Global Luxury Real Estate Spree–Sales Of Properties Over $10 Million In World’s Most Glamorous Cities Surges By 30%

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The super-rich ended 2024 on a luxury real estate binge that caused a dramatic spike in sales of properties over $10 million in glamorous cities around the globe.

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reported the trend, citing data by global real estate firm Knight Frank. The report indicated a 30% increase in sales activity over the previous year in this high-flying sector. Overall, there were 558 of these mega-transactions.

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was the most popular destination in 2024, where Knight Frank noted that Q4 2024 sales were double the 2023 total. A sizable portion of that activity may be attributable to the

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. This program offers a long-term residency between five and 10 years to anyone who makes a real estate investment over $550,000 inside the emirate.

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New York City remains very popular with the jet-set crowd and checked in with 87 deals over $10 million. That was enough to nearly double the Big Apple’s total from the end of 2023. Florida was another popular US destination, and vacant lots were fetching eight-figure prices in Palm Beach, which is home to President Donald Trump’s Mar-A-Lago compound. The opportunity to rub shoulders with Trump appears to be a strong draw.

Hong Kong also mounted a strong comeback from the damage that COVID-19 did to its real estate market. The report noted a 380% increase in luxury property sales compared to the post-COVID years. However, the opposite was true in Singapore, where a 60% tax on luxury real estate purchases by foreign buyers took effect in 2024.

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, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum.

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London was another market that experienced a drop-off in luxury buying activity, a trend that Knight-Frank’s report attributed to fears over possible regulatory changes that target foreign buyers. “The total for London in 2024 was impacted by speculation over new regulations for wealthy non-domiciled residents,” the report says. London is struggling with housing affordability, and the city has responded by proposing crackdowns on foreign property ownership.

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Liam Bailey, who heads global research for Knight Frank, wrote, “Dubai still dominates in terms of sales volumes, but New York,

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and Palm Beach are back, confirming that super prime demand remains global. A positive wealth creation backstory points to continued healthy deal flow in 2025.” However, it’s worth noting that the report and the supporting data were compiled before Trump announced his sweeping tariffs in early April.

The world’s economic picture has changed rapidly in the last several weeks. It’s not hard to imagine that the confidence buyers felt in late 2024 waning in the months to come. The fallout from the tariffs unsettled the bond markets and caused the dollar to slump to a three-year low. The effect of these trends on how and where the 1% buys their luxury real estate remains to be seen.

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