As 2024 came to a close, the world’s wealthiest went on a record-breaking luxury real estate spree. According to Knight Frank, sales of properties priced over $10 million surged by 30%, with over 550 mega-deals recorded in the world's most desirable markets.
Dubai led the charge, with Q4 sales doubling year-over-year—fueled in part by the UAE’s golden visa program, which grants long-term residency to investors. Meanwhile, New York City reemerged as a luxury leader with 87 transactions over $10 million, nearly doubling its previous year’s total. Palm Beach also drew global attention, with eight-figure vacant lot sales and the allure of proximity to former President Trump’s Mar-A-Lago estate.
Hong Kong staged a powerful comeback, with a 380% spike in luxury sales post-COVID. However, other markets such as Singapore and London faced slowdowns, as new tax policies and regulatory uncertainty discouraged foreign buyers.
Liam Bailey, Global Head of Research at Knight Frank, emphasized that while Dubai remains the dominant player, “New York, Hong Kong, and Palm Beach are back,” reinforcing the idea that demand for ultra-luxury real estate is truly global.
For those eyeing prime homes in exclusive areas like the Main Line, Philadelphia, or the Jersey Shore, this global trend signals rising competition and a shrinking supply of high-caliber properties. If you’re considering buying or selling in these coveted markets, now is the time to act.
Let’s secure your place in the luxury market—contact us today for personalized guidance on high-end listings, global insights, and exclusive opportunities.
