Prices for luxury homes shifted into a higher gear last year. High-end residential prices increased by 3.6 per cent in 2024 across 100 of the world's major markets, according to Knight Frank.
This is up from 3.3 per cent the previous year but still behind the industry’s 4.5 per cent two-decade average. Prices rose in the majority of the cities analyzed in the report, with Seoul leading at 18.4 per cent, driven by “local wealth creation” and the development of more “investable” luxury residences.
Middle Eastern cities—Dubai, Riyadh and Jeddah—dominated the top six. The Middle East was the strongest global region with 7.2 per cent annual growth, which is expected to rise another 64 per cent in the next five years.
According to the report, the island Palm Jebel Ali in Dubai carried the city, recording over $1.1 billion in sales in 2024, or 24 per cent of the city’s sales.
Meanwhile, Riyadh, which began its Premium Residency Visa Scheme last year, saw “unprecedented” development last year, the report wrote.
The report noted that the downturn in interest rates in various jurisdictions also contributed to the global price appreciation.
Of the 100 markets, 77 recorded price growth in 2024. Europe lagged behind at 2.5 per cent price growth, and North America, at 2.4 per cent, was held back by cities like Miami, which slowed down after a previous period of rapid growth.
