New York Remains the World’s Top Super-Luxury Property Market
London, Los Angeles, Hong Kong and Miami complete the top five in Knight Frank’s annual index
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New York retained its title as the world’s top super-luxury housing market last year—though it had to share the laurels with London, according to the latest index from Knight Frank.
Both cities registered 43 sales of $25 million or more. In London, that marked a 26% increase from 2021; while New York’s figure was down 35% from the prior year.
“Despite rising economic headwinds and growing uncertainty, the world’s wealthy have been committing to luxury residential property, with London and New York the standout cities in demand for ultra-prime sales,” Liam Bailey, global head of research at Knight Frank, said in the report released Wednesday.
Claiming the third spot was Los Angeles, with 39 sales priced at $25 million or above. It was followed by Hong Kong, with 28 ultra-prime sales, even during a tumultuous year for its housing market; and Miami, with 23.
Not surprisingly, these cities also had the most $10 million-plus sales in 2022. New York topped the list with 244 sales at this price point, Los Angeles and London had 225 and 223, respectively, according to the report.
Across the top 10 cities—which also included Singapore; Palm Beach, Florida; Geneva; Sydney; and Paris—there were a total of 1,392 sales at or above $10 million, a decline from the record 2,076 transactions at this level recorded in 2021, but up 49% from pre-Covid 2019.
Of the 100 prime property markets tracked by Knight Frank, 85 recorded positive or flat price growth in 2022. Dubai led the pack with a staggering 44.2% annual growth rate, boosted by its visa incentives that have attracted many ultra-high-net-worth buyers, Knight Frank said.
Other prime markets that saw surging home prices included Aspen, with a 27.6% increase year over year; Riyadh, capital city of Saudi Arabia, with a 25% annual growth rate; Tokyo, with 22.8%; and Miami, with 21.6%.
Markets that had some of the strongest growth during the pandemic recorded the deepest price declines in 2022, which included the New Zealand cities of Wellington (-24%) and Auckland (-19%); Stockholm (-8%); Vancouver (-7%); and Seoul (-5%), according to the report.
Overall, the Knight Frank Prime International Residential Index rose 5.2% on an annual basis in 2022, the highest growth rate since the global financial crisis excluding the record year of 2021.
“Wealth preservation, safe-haven capital flight and supply constraints played their part in driving prime price growth, but it was the post-pandemic surge that continued to push prices higher,” Kate Everett-Allen, partner of residential research at Knight Frank, said in the report.
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This stylish family home combines a classic palette and finishes with a flexible floorplan
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The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests
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A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).
Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.
“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.
The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”
The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.
“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”
The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.
The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.
“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”
This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .
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This stylish family home combines a classic palette and finishes with a flexible floorplan
