- New York has been named as the world’s top super-luxury property market in the recent Knight Frank Index.
- London placed second on the list, with a 26% rise from 2021.
- The Knight Frank Index recorded a total of 1,392 sales across the top 10 cities at or above $10m.
New York has been named as the top super-luxury property market in the world in 2022, with London and Los Angeles coming in a close second and third.
The Frank Knight Index reported that the city that never sleeps saw more than 40 transactions worth $25m or more, which, while impressive, is in fact a 35% decrease from 2021.
Many of those purchasing property in the top ultra-prime markets may be expatriates or working internationally.
For international customers, it is important to find a money transfer service that meets your requirements when purchasing property abroad.
Doing plenty of research into the area, the property market and the exchange rates of the country are also important steps to take when considering buying a home abroad.
There were 1,392 sales of $10m or higher in the top 10 property markets, a decrease from the record levels reported in 2021.
However, the markets show a 49% increase from the pre-pandemic period, and with the exception of 2021, they grew 5.2% annually.
Out of the 100 property markets monitored, 85 showed a positive or stable price increase in 2022.
Dubai grew by an unprecedented 44.2%, presumably fuelled by the UAE’s generous visa incentives, which have attracted a number of ultra-high net-worth buyers.
The study also found that the markets that had experienced strong growth during the Covid-19 pandemic also had some of 2022’s steepest price declines, with New Zealand’s Wellington and Auckland falling by 24% and 19% respectively.
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