Super-Prime Home Sales Skyrocketed Around the Globe in Late 2024, a New Report Says

The world’s most elite real estate markets have defied economic uncertainty, with super-prime residential sales—defined as transactions exceeding $10 million—surging 31 percent in the final quarter of 2024, a new report from Knight Frank found. This late-year boom helped push the total number of global super-prime sales to 2,018 units for the year, marking a 6 percent increase from 2023. 

The biggest winners? Hong Kong and Miami. Hong Kong saw a staggering 380 percent jump in sales compared to last year, bouncing back after two slow years. Miami wasn’t far behind, with a 117 percent increase, proving once again that it’s one of the hottest luxury markets in the world and a tax-friendly haven for American and international buyers alike. Other key luxury markets, including New York and Dubai, also posted strong gains.  

While the U.S. and Asia are thriving, Europe’s luxury market hit a rough patch. London, Geneva, and Paris all saw sales drop between 12 percent and 19 percent, with London’s dip linked to speculation over new tax rules for wealthy buyers. Paris, in particular, had a surprisingly quiet year, with just 10 high-end home sales. 

Despite some markets slowing down, prices at the top keep climbing. The average ultra-luxury home sold for $18 million in 2024, with Hong Kong once again leading the way at $22.9 million per property. Despite its slowdown in transactions, London wasn’t far behind, with homes averaging $20.4 million. On the more “affordable” end of the ultra-luxury spectrum, Paris and Dubai saw average prices of $15.6 million and $15.9 million, respectively.

“After a slow summer, 2024 ended with a bang for super-prime markets with a surge in sales during the final three months of the year,” said Liam Bailey, Knight Frank’s global head of research. “Dubai still dominates in terms of sales volumes, but New York, Hong Kong, and Palm Beach are back, confirming that super-prime demand remains global. A positive wealth creation backstory points to continued healthy deal flow in 2025.” 

To Bailey’s point, demand for elite real estate remains robust. Driving this surge is the growing number of ultra-wealthy buyers. The global population of ultra-high-net-worth individuals grew by 4.4 percent last year—led by a 5.2 percent increase in North America. In addition, 25 percent of global family offices managing private residential portfolios are looking to expand their holdings over the next 18 months, according to The Wealth Report. With demand staying strong, it looks like the luxury home market is set for another big year.