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London was the only market to enjoy an increase in home sales above $10 million
A slump in sales of luxury homes priced over $10 million occurred in 12 major cities around the world in the three months ending in September 2024, according to Knight Frank’s new Global Superprime Intelligence Report. did. A total of 406 transactions were recorded, a record number. This is down from 496 cases in the previous quarter and 464 cases in the same period last year. Uncertainty surrounding the US election appears to be weighing on the five US markets surveyed, with no markets reporting quarter-over-quarter increases. However, Los Angeles and New York City showed slight increases year over year.
London was the only market among the 12 cities to see quarterly sales increase by more than $10 million. The city’s 51 transactions were slightly higher than the 47 recorded in the second quarter and the first quarterly increase since the third quarter of 2023. The improvement is consistent with speculation that buyers have shown a willingness to act ahead of the New Labor government’s budget. Still, London’s superprime sales remain well below their post-pandemic highs, which averaged $1.5 billion per quarter from 2021 to 2023. By contrast, in 2024 there has yet to be a quarter above $1 billion.
Dubai is moving towards more sustainable growth after a pandemic-era boom, as highlighted in the Prime Global City Index. The company sold 83 units in the quarter, which is well above the average for 2021 and beyond, but reflects a nearly 40% year-over-year decline. Despite this, Dubai’s annual performance remains strong, with sales more than tripling compared to 2021 and more than doubling compared to 2022.
In the US, the super prime market appeared to be cautious and waiting for political stability after the election. Palm Beach posted its lowest sales since late 2022, coinciding with the seasonal peak in the first quarter. Similarly, Miami saw a sharp decline, with sales plummeting by nearly 60% compared to Q3 2023, a drop that was even larger than normal seasonal fluctuations.
