Pent up ultra-luxury demand finally broke in 2022 as a number of markets saw homes sales above $25 million rebound following pandemic lows.
According to the just-released 2023 Wealth Report, sponsored by Douglas Elliman and Knight Frank, New York, London and Los Angeles remained the global leaders in ultra-lux sales last year.
Forty-three transactions at or above $25 million took place in New York and London last year, representing a 26 percent increase in sales in London compared to 2021, but a 35 percent decline in New York. L.A. comes in third place with 39 sales, followed by Hong Kong with 28 sales and Miami with 23 sales.
The report notes that the strength of the ultra-prime market in 2022 was supported by some $25 million new build completions.
The Wealth Report also reveals the number of transactions that took place in the $10 million-$25 million range stood at 1,392 sales across the 10 key global markets analyzed in 2022. While down from the record-breaking 2,076 transactions recorded in 2021, it is still 49 percent above 2019’s total and equates to $26.3 billion in sales.
In this so-called super-prime category, New York saw 223 sales, while London notched 244 sales and L.A. closed 225 sales.