Super-prime property sales across 11 major global markets remained robust in the second quarter of 2024, with 463 sales exceeding US$10 million, only slightly down from the 476 transactions recorded in the previous quarter.
The markets included in this analysis are Dubai, Geneva, Hong Kong, Los Angeles, London, Miami, New York, Orange County, Palm Beach, Paris, and Singapore. Despite the quarterly dip, total super-prime sales for the 12 months to June 2024 across these key markets amounted to an impressive US$33.4 billion, highlighting the sector’s continued strength.
Since the onset of the pandemic, super-prime markets have seen considerable growth, with Palm Beach, Miami, and Dubai witnessing a significant boost in high-value transactions. Annual super-prime sales soared from US$20.1 billion in 2019 to US$33.4 billion in 2024, showcasing a major leap in activity.
Dubai, in particular, has emerged as a leading player in the global super-prime market, with the number of US$10 million+ sales skyrocketing from just 23 in 2019 to a remarkable 436 in the past year. Geneva also saw notable growth, with sales rising from 59 in 2019 to 102. Palm Beach and Miami followed suit, with sales increasing from 50 to 138 and from 41 to 149, respectively.
This surge in the super-prime market is largely driven by rising global wealth. Over the past five years, the number of ultra-high-net-worth individuals (UHNWIs) has grown by 19%, with particularly strong growth in the U.S. and the Middle East. The UHNWI population in the U.S. expanded by 8%, while the Middle East saw a 6.2% increase in 2023.
Substantial wealth creation, especially in emerging markets, has propelled the global super-prime sector forward, even as some more mature markets have begun to plateau. Looking ahead, with interest rates trending downward, total transaction volumes are expected to increase further into 2025. This ongoing momentum suggests that the super-prime property market will continue to offer compelling opportunities for investors.
