Ones to watch
We asked our global network for their pick of the property types and locations set to attract wealthy buyers in 2024, below is a list of 12.
4 minutes to read
High-end apartments in Florence
There is appetite for super-luxury homes due to growing demand from the global wealthy relocating here to take advantage of Italy’s flat tax regime. There isn’t enough stock of the right quality, so our tip for developers and investors is to target areas along the River Arno such as Lungarno Vespucci to the north or San Frediano to the west.
Bill Thomson, Chair of the Italian Network
Classic Parisian apartments in the 7th & 8th arrondissements
In 2024, architecturally-inspired residences with bespoke furnishings, yet classic in style, featuring views across the River Seine or the Eiffel Tower will be in high demand. This heightened interest will primarily be driven by our Chinese and US clients, as Paris takes centre stage ahead of the 2024 Olympic Games.
Alison Ashby, Director, Junot Fine Properties
Waterside apartments in Östermalm, Stockholm
A leading contender in most quality-of-life rankings, the exclusive Östermalm district has seen prices dip 11% since their February 2022 peak. With interest rate cuts on the horizon, and the Swedish krona comparatively weak, further discounts are on offer for overseas buyers. The absence of any wealth tax or inheritance tax in Sweden further adds to its appeal.
Jason Mansfield, Knight Frank International
The total package, New York city
In a city at the forefront of luxury living, global buyers want it all. Projects that meet their exacting standards will outperform, but it’s not all about location. There is a long tick list: a starchitect-designed home; a globally recognised brand; the full amenity offering; celebrity chefs in on-site restaurants; and a commitment to sustainability, all turn-key ready.
Hugh Dixon, Knight Frank Private Office
Inland communities in Dubai
With Dubai’s 65km coastline mostly built out, global UHNWIs are increasingly focused on securing homes with access to green space, paving the way for the creation of inland communities. Locations such as Al Barari, Tilal Al Ghaf, Jumeirah Islands and Jumeirah Golf Estates are already on our watchlist to be upgraded to prime status.
Faisal Durrani, Head of Research, MENA
Wilderness retreats in Tasmania, Australia
Prime values along Hobart’s Derwent River are up 142% over the past decade, although the city still offers great value, with prestige homes starting from A$1.2 million. Those seeking a better work/life balance and less exposure to climate risk are attracted by the opportunity to design a modern, sustainable home.
Michelle Ciesielski, Head of Residential Research, Australia
Lower ground floor flats in South Kensington, London
Lower ground floor flats, often overshadowed by loftier counterparts, offer a value proposition. In South Kensington, a lower ground floor flat priced at £900 per square foot competes favourably with central London's offerings. In contrast, ground floor and first-floor units command £1,800 and over £2,000 per square foot respectively, on a par with the likes of Belgravia and Knightsbridge. Due to this hierarchy, lower ground floor flats in South Kensington offer a buying opportunity due to their accessibility and relative affordability.
Stuart Bailey, Head of Prime Sales, London
Landed homes in Singapore
In a market dominated by high-rise apartments, freehold landed homes are hard to come by, more so since the pandemic which fuelled a desire for more space – both indoors and outdoors – and privacy. For homebuyers seeking more “bang for their buck” the areas of Serangoon, Bishan and Ang Mo Kio are particularly popular due to great connectivity, a plethora of amenities and excellent schools. In 2023, these neighbourhoods along with Bukit Timah saw the highest volume of residential sales, totalling just over S$1.95 billion in combined sales value.
Nick Keong, Head of Residential and Private Office, Singapore
Waterfront villas, Kassiopi coastline, Corfu
Located within an hour’s drive of Corfu Town and its international airport, the Kassopi coastline is set for growth as it offers international buyers the opportunity to go off-grid in a private and secure setting. Spacious villas overlooking Emerald Bay blend traditional architecture with luxury amenities. Clearly, the secret is out: overseas visitors to the island were up 26% in 2023 compared with 2019, according to air traffic statistics.
Mark Harvey, Head of International Department
Saint Tropez renovations
Strict planning laws and a constrained supply has heightened interest in renovation projects on the peninsula, enabling homebuyers to create their perfect holiday home whilw adding value through the process.
Jack Harris, Knight Frank International
Lakeside villages in Terre Sainte, Geneva
Security and privacy are non-negotiables for UHNWIs seeking a permanent residence. Enter Terre Sainte, a haven of lakeside villages including Coppet, Founex and Mies. Beyond the picturesque façade, this collection of historic villages offers spacious family homes, excellent connectivity, and access to premier international schools. Against the backdrop of escalating geopolitical uncertainties and impending tax hikes in advanced economies, Switzerland’s stability and low tax landscape will be back in the spotlight.
Alex Koch de Gooreynd, International Department
Branded residences in Salamanca and Justicia, Madrid
Following the success of the Four Seasons Private Residences in Madrid, branded residences are in demand in the city’s top neighbourhoods. Three new projects – Mandarin Oriental (Hermosilla 47), Sagasta 27 and Infantas 40 – are already under development which together will deliver 80 new apartments, but demand will continue to outweigh supply. Average prices for these high-end developments range from around €12,000 per sq m to €20,000 per sq m, significantly higher than average prime values of €9,000 per sq m in the city.
Daniel Caprarin, Research Director, Spain
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