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The global super-prime property market, defined as residential real estate priced at US$10 million and above, has experienced a remarkable surge over the past five years. Recent data shows that sales in this ultra-luxury segment have increased by an impressive 66% since 2019.
This growth has been particularly noticeable since the onset of the pandemic, which seems to have expanded the super-prime market significantly. In the second quarter of 2024, 463 super-prime sales were recorded across 11 key global locations, representing a slight decrease from the previous quarter.
The total value of super-prime sales across these markets reached $33.4 billion (approximately £25.4 billion) in the year ending June 2024. This figure has remained relatively stable over the past two years, consistently falling between $32 billion and $34 billion since late 2022.
However, when compared to pre-pandemic levels, the growth becomes even more apparent. In 2019, the total value of $10 million-plus sales stood at $20.1 billion. The jump to $33.4 billion in 2024 represents a substantial increase in ultra-high-end property transactions.
SUPER PRIME HOTSPOTS
Several markets have emerged as particular hotspots for super-prime sales. Dubai has seen an explosive growth, with the number of $10 million-plus sales skyrocketing from just 23 in 2019 to 436 in the year to June 2024. Other notable increases have been observed in Geneva (from 59 to 102 sales), Palm Beach (50 to 138), and Miami (41 to 149).
This growth in the super-prime market is attributed to a broader increase in global wealth. Over the past five years, there has been a 19% rise in ultra-high-net-worth individuals (UHNWIs) globally. The United States and the Middle East have seen particularly strong growth in their UHNWI populations, with increases of 8% and 6.2% respectively in 2023 alone.
Interestingly, some mature markets have experienced a slowdown. London, for instance, recorded just 36 deals above the $10 million mark in Q2 2024, a significant decrease from previous years. On an annualised basis, London saw 214 such sales in the 12 months leading up to last quarter, the lowest total since 2020 and nearly a third down from the peak of 313 in 2021.
LOOKING AHEAD
Experts predict that transaction volumes in the global super-prime market are likely to increase further into 2025, especially as interest rates are expected to move lower. The transformation of markets like Dubai, Palm Beach, and Miami is more than compensating for the slowdown experienced in some more established luxury property markets.
