It’s official. New York and Los Angeles have overtaken London in the super-prime property market. According to a new wealth report from Knight Frank, properties worth over $10 million mark have been selling like hot cakes over here in the US, beating London to the finish line in terms of the amount of luxury property bought. New York topped the list with 244 sales at this price point in 2022, Los Angeles had 225, while London came in third at 223.
The strong dollar has had an influence on properties in the US, while there has been slower growth in London at 1.5%, compared to New York prime prices which were up 2.7% last year. Other prime markets have also seen a surge in home prices including Aspen, with a 27.6% increase year on year.
Overall, the Knight Frank Prime International Residential Index rose 5.2% on an annual basis in 2022, the highest growth rate since the global financial crisis (not including the record year of 2021). “Wealth preservation, safe-haven capital flight and supply constraints played their part in driving prime price growth, but it was the post-pandemic surge that continued to push prices higher,” says Kate Everett-Allen, partner of residential research at Knight Frank.
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