A global super-prime sales surge, Q4 2024

Sales of luxury homes rose notably in 2024, with over 2,000 properties sold above $10 million — up 6% on the year. Hong Kong and Miami led the charge, while key European cities such as London and Paris saw declines. Average prices climbed, fuelled by growing global wealth and continued interest from UHNWIs. We take a brief look at the main trends shaping the prime market.

Key findings:

• Super-Prime sales surge – Q4 saw 558 $10m+ transactions, up 31% year-over-year, driving total 2024 sales to 2,018 units (+6% from 2023).
• Hong Kong & Miami lead growth – Hong Kong sales surged 380% YoY, while Miami rose 117%, with New York and Dubai also showing strong gains.
• European decline – London, Geneva, and Paris sales fell 12-19%, with London impacted by tax speculation and Paris recording just 10 sales in 2024.
• Rising prices – The average super-prime sale hit $18m, with Hong Kong ($22.9m) and London ($20.4m) leading, while Paris and Dubai were the most affordable.
• Wealth growth fuels demand – The global UHNWI population grew 4.4%, with 25% of family offices planning to expand residential holdings in the next 18 months.

Liam Bailey, global head of research at Knight Frank, commented: "The upward repricing of prime global residential rents has worked its way through the system in most major markets. With wage growth and affordability stretched, we expect rental growth to remain postive but to sit below trend this year. Over the longer term, we are likely to see a return to stronger growth as demand requirements continue to outpace the supply response."

Read the full report Knight Frank Global Super-Prime Intelligence Q4 2024

Pia Arrieta, 31 Mar 2025 - News