Super-Luxury Home Sales Spiked 11% in the First Quarter - Mansion Global
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Sales of uber-luxury homes across global financial centers surged in the first quarter, rising 11% since December, according to a report Thursday from Knight Frank.
There were 417 deals for homes priced at $10 million or above in the 12 markets tracked by Knight Frank during the first three months of the year, compared to 376 in the final quarter of 2022, the data showed. It also marks a recovery from the second quarter of last year, when sales of super-prime property were at their highest.
“The recent uptick comes after several quarters of slowing activity caused by higher interest rates and rising geopolitical risks,” Liam Bailey, global head of research at Knight Frank, said in the report.
More: U.S. Home Price Growth Slows to Lowest Point Since 2016
Still, growth has certainly slowed since the real estate boom was in full swing. There were 1,645 transactions in the 12 months ending in March, the figures showed, down 28.4% from a recent peak of 2,298 sales in 2021.
In addition, “while volumes rose in, this activity represented $7.2 billion worth of super-prime sales, down 4% on the previous quarter,” Bailey said.
Dubai led the list with 88 super-prime sales in the first quarter, the report said.
“The role of Dubai in supporting the global super-prime market cannot be overstated,” Bailey noted. “In 2019, the emirate accounted for 2% of all super-prime sales across our 12 markets, but by the most recent 12-month period this share had surged to 17%.”
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Hong Kong took the second spot on the list with 67 sales of $10 million-plus homes, followed by New York (58), Los Angeles (46), Singapore (37) and London (36). Palm Beach, Florida, and Miami, two luxury markets that have been getting a lot of attention since the beginning of the pandemic, ranked seventh and eighth, with 30 and 20 sales each, respectively.
Geneva registered only 19 super-prime sales in the first quarter—but the most expensive average of such sales, $23.8 million, the report said.
There were 10 uber-luxury deals in Sydney, with Paris and Orange County, California, rounding out the list with three top-of-the-market sales each.
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COPYRIGHT © 2023 MANSION GLOBAL. ALL RIGHTS RESERVED.1211 AVE OF THE AMERICAS NEW YORK, NY 10036 | info@mansionglobal.com
DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.
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Sales of uber-luxury homes across global financial centers surged in the first quarter, rising 11% since December, according to a report Thursday from Knight Frank.
There were 417 deals for homes priced at $10 million or above in the 12 markets tracked by Knight Frank during the first three months of the year, compared to 376 in the final quarter of 2022, the data showed. It also marks a recovery from the second quarter of last year, when sales of super-prime property were at their highest.
“The recent uptick comes after several quarters of slowing activity caused by higher interest rates and rising geopolitical risks,” Liam Bailey, global head of research at Knight Frank, said in the report.
More: U.S. Home Price Growth Slows to Lowest Point Since 2016
Still, growth has certainly slowed since the real estate boom was in full swing. There were 1,645 transactions in the 12 months ending in March, the figures showed, down 28.4% from a recent peak of 2,298 sales in 2021.
In addition, “while volumes rose in, this activity represented $7.2 billion worth of super-prime sales, down 4% on the previous quarter,” Bailey said.
Dubai led the list with 88 super-prime sales in the first quarter, the report said.
“The role of Dubai in supporting the global super-prime market cannot be overstated,” Bailey noted. “In 2019, the emirate accounted for 2% of all super-prime sales across our 12 markets, but by the most recent 12-month period this share had surged to 17%.”
From Penta: Sotheby’s Celebrates National Portrait Gallery’s Reopening with Exhibitions and a Live Sale
Hong Kong took the second spot on the list with 67 sales of $10 million-plus homes, followed by New York (58), Los Angeles (46), Singapore (37) and London (36). Palm Beach, Florida, and Miami, two luxury markets that have been getting a lot of attention since the beginning of the pandemic, ranked seventh and eighth, with 30 and 20 sales each, respectively.
Geneva registered only 19 super-prime sales in the first quarter—but the most expensive average of such sales, $23.8 million, the report said.
There were 10 uber-luxury deals in Sydney, with Paris and Orange County, California, rounding out the list with three top-of-the-market sales each.
Delivers the most important property news around the world to your inbox each weekday
Read Next Story
COPYRIGHT © 2023 MANSION GLOBAL. ALL RIGHTS RESERVED.1211 AVE OF THE AMERICAS NEW YORK, NY 10036 | info@mansionglobal.com
DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.
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