Knight Frank reported that between April and June 2024, a total of 463 property sales valued at over $10 million occurred across 11 major global markets. This represented a slight decrease from the 476 sales recorded in the preceding quarter. The markets included in this analysis were Dubai, Geneva, Hong Kong, Los Angeles, London, Miami, New York, Orange County, Palm Beach, Paris, and Singapore.
In the 12 months leading up to June 2024, the total value of super-prime sales across these markets reached $33.4 billion. The expansion of the super-prime sector has been heavily influenced by the pandemic, which spurred increased activity in locations such as Palm Beach, Miami, and Dubai. As a result, the annual sales values surged from $20.1 billion in 2019 to $33.4 billion in 2024.
Dubai emerged as a key growth market, with the number of sales over $10 million skyrocketing from 23 in 2019 to 436 in the most recent 12-month period. Geneva also experienced significant growth, with sales rising from 59 in 2019 to 102. Meanwhile, Palm Beach saw its transactions increase from 50 to 138, and Miami reported a notable jump from 41 to 149 sales over the same period.
The expansion in the super-prime market has been largely driven by a broader increase in global wealth. Over the past five years, the number of ultra-high-net-worth individuals (UHNWIs) grew by 19%, with particularly strong gains in the U.S. and the Middle East, where the UHNWI population rose by 8% and 6.2%, respectively, in 2023.
Liam Bailey, Knight Frank’s global head of research, noted that the creation of substantial wealth has been a key factor supporting growth in the super-prime sales market worldwide. He observed that the transformation of dynamic markets like Dubai, Palm Beach, and Miami had more than compensated for the slowdown seen in some more established markets. With interest rates trending downward, Bailey predicted that total transaction volumes are likely to increase further as 2025 approaches.
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