Douglas Elliman and Knight Frank data concludes that, last year, more ultra-prime property transactions were conducted in New York than anywhere else on Earth.
The Big Apple has retained its crown as the world’s priciest housing market.
On Wednesday, real estate brokerage Douglas Elliman and consultant agency Knight Frank released the 17th edition of their annual Wealth Report, an analysis of current trends within the highest echelon of the residential real estate market. Among other findings, the report ranked the leading 10 global locations for home sales over $10 million and $25 million .
Despite once again taking the highest slot, New York’s real estate growth in 2022 was significantly smaller than other 1-percenter cities: While Los Angeles saw its market prices surge by 8%, and Miami saw its own go up by 22%, New York’s only saw 3% growth last year. “After the anomaly of 2021, 2022 was something of a transitional year,” said Knight Frank research partner Flora Harley. “Some pandemic trends continued to play out, while mounting headwinds promoted some to reflect on their assets and investment strategies. In 2023, it is likely we will see this process of normalization continue as transaction levels revert to pre-pandemic levels, down on the past two years but still highly active.
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