Buy, baby, buy.
That’s what the world’s ultra-wealthy homebuyers were chorusing at the end of last year, when sales of $10 million-plus homes surged compared to the previous year.
These sky-high deals were up 30% across 12 major global cities in the fourth quarter of 2024, according to the London-based real estate consultancy Knight Frank.
Mansion Global first reported on the data.
Dubai, in the Middle East, claimed the highest number of these $10 million-plus deals throughout the year, and held onto the title through the luxury market’s dramatic fourth-quarter spike.
And, to no one’s surprise, New York City logged the second-most sales north of $10 million in the fourth quarter — the 87 signed contracts marked a near-50% increase from 2023.
Beyond the city’s luxury listings, the NYC real estate market’s fourth quarter saw the most home contracts signed in 2024, according to data from Olshan Realty.
New York City’s luxury market sprang back to life last year, as inventory increased and borrowing costs — however modestly — decreased.
Knight Frank attributed the global luxury market’s year-end high note on the stock market’s steady ascent for most of the year, alongside soaring cryptocurrency values and optimism about possible deregulation under the Trump administration.
Palm Beach certainly benefited from a “Trump bump,” last year. Brokers tie renewed attention to the wealthy enclave to Trump’s election victory in November. Even a vacant lot in proximity to Mar-a-Lago is listing for upwards of $200 million.
Palm Beach counted 36 sales over $10 million in the fourth quarter. Miami, increasingly regarded as “the Wall Street of the South,” perked up with 39 sales tipping over the $10 million mark.
The global spike in big spenders signals both economic confidence and continued wealth accumulation among the world’s well-heeled, but recent market turbulence could easily throw a wrench into future super-prime home sales.