Sales of $10 million-plus homes slipped in the third quarter across global cities, but five hot spots are bucking the trend, according to a report Wednesday from Knight Frank.
Deals such uber-luxury homes fell 2.4% annually between July and the end of September in the 12 international cities tracked in the report, the data showed. There were 362 sales in the third quarter, compared to 371 during the same time last year.
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The total value of super-prime sales was $31.7 billion over the 12 months through September, down from the 2021 post-pandemic high of $40.7 billion. Still, that remains significantly above the pre-pandemic total of $18.6 billion in 2019, the report said.
“Super-prime activity has come off the 2021 peak, but our latest results confirm a market still seeing activity above pre-pandemic levels,”
Liam Bailey,
Knight Frank’s global head of research, said in the report.
However, there are five markets that saw transactions rise year over year, with Dubai in the No. 1 position, which it’s held since the fourth quarter of 2022, the report said. London was in the second position, followed by Hong Kong, Miami and Sydney.
Meanwhile, luxury sales in many areas have been stymied by a lack of completed new developments. Fewer projects were launched during the pandemic, meaning next year’s batch of new builds is set to be slim.
“Higher debt costs will continue to weigh on the sector—but a lack of fresh new-build project launches in key markets like London and New York will impact on sales in 2024,” Bailey said.
This article originally appeared on Mansion Global.
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