The Global Ultra-prime Market 2019
Knight Frank has launched the first-ever assessment of the global ultra-prime residential market, analysing sales over US $25 million around the world. According to the research, the top six ultra-prime city markets of Hong Kong, New York, London, Singapore, Los Angeles and Sydney reported 153 transactions above US $25 million in the 12 months to the end of August 2018 with a combined value of US $6.6 billion. The combined transaction levels in these cities grew by 12% in the two years since 2016 with growth set to continue.
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Key findings of the report
- The propensity of global business destinations also being the ultra-prime home locations can be attributed to the continuous wealth creation in these cities.
- In India, an analysis of the trends in the last three years indicate that the UK, USA, UAE, Singapore and Hong Kong were the most preferred markets by the Indian wealthy.
- The recent studies highlight that the number of demi-billionaires, those with US $500 million or more in net assets, will rise by a staggering 70% from 200 in 2017 to 340 in 2022.
- Subsequently, the rise in the number of Indian demi-billionaires will propel outbound investments in key residential destinations of global significance.
- In 2018, the top preferred markets are UK, USA, UAE, Singapore and Canada. The inherent reasons for these markets could range from being a top global city to a second home destination or a ski resort destination.