Global Prime Residential Forecast 2024: Looking forward

Among the 25 cities tracked, Auckland emerges as the front-runner for 2024, anticipating a robust 10% increase in luxury prices.

Written By:

Kate Everett-Allen, Knight Frank

07 Dec 2023

1 minute to read

Categories: Property Sector Residential Sales Topic Forecast World Regions Global

Contextually, this surge is best understood as a market correction, compensating for a previous peak-to-trough dip of 20%.

Confirmation of our 2024 prime price forecast is shown in Figure 3 (above), while Figure 4 illustrates the shifts in our forecast over the past six months.

Dubai, last year’s leading city, claims third spot in 2024 with projected prime price growth of 5%. After its stellar post-pandemic performance the rate of price growth is slowing, but a scarcity of new prime supply and renewed demand from pivotal markets like China and India will see it remain in positive figures.

Madrid (5%) and Stockholm (4.5%) shine as Europe’s highest-ranking cities. Attracting attention for their combination of good value, low purchase costs, a high quality of life, and no restrictions on overseas buyers, both cities are poised to garner increased interest.

Prime central London (0%) is poised for a milder correction compared to the broader UK market. This resilience is attributed to a higher prevalence of cash sales, particularly within Zone 1, coupled with prices currently sitting 15% below their previous peak.