June Chen A total of 463 transactions for super-prime residential properties across 11 international markets took place in the three months since June 30, marginally down by 2.7 percent year on year, with Dubai remaining the most active super luxury house market, followed by New York and Hong Kong. The data comes from the latest Global Super-Prime Intelligence report compiled by Knight Frank, which provides a snapshot of residential sales valued at US$10 million (HK$77.
94 million) or above that took place during the second quarter. Sales volumes at the top end of the residential market have settled at almost two thirds above pre-pandemic levels. Total super-prime sales reached US$33.
4 billion in the fiscal year ending in June 2024, a sharp contrast to US$20.1 billion in 2019. Annual sales have settled between US$32 billion and US$34 billion since the fourth quarter of 2022 following the end of the pandemic market boom, when total value peaked at nearly US$44 billion in late 2021.
Despite a recent slowdown in activity, the legacy of the pandemic has been a step-change in the size of the super-prime market. Dubai in particular stood out, with its US$10 million-and-above home sales rising from 23 in 2019 to 436 this year. Geneva has also seen a surge, with sales increasing from 59 in 2019 to 102 now.
Palm Beach shot up from 50 to 138 and Miami exploded from 41 to 149. A few markets, such as New York, Singapore, Paris and Hong Kong, have been less impacted by the recent growth. N.
