The Hottest Housing Markets for the Super Rich in 2024

According to the latest findings from the Douglas Elliman and Knight Frank Wealth Report, affluent individuals worth $30 million or more increasingly prioritize lifestyle enhancement and lucrative investments when purchasing residential properties. Notably, Miami stands out as the leading luxury real estate market in the United States, with a projected price growth of 4% for the upcoming year.

The report underscores the growing interest among ultra-high-net-worth individuals in diversifying their residential portfolios, with one-quarter of their holdings now located outside their home country. Lifestyle considerations, along with investment potential, taxes, and safety, remain key factors influencing their purchasing decisions.

Despite challenges faced by the broader real estate market, the luxury segment has demonstrated resilience, buoyed by stabilized interest rates and growing confidence in the market outlook. Experts anticipate a potential increase in luxury property inventory, leading to heightened sales activity in the near future.

Globally, Auckland, New Zealand, emerges as the top luxury real estate market, with a projected price growth of 10% in 2024. Other notable markets include Mumbai, Dubai, Madrid, Sydney, and Stockholm, each expected to experience significant appreciation in property values.

The report also highlights the evolving trend of affluent American buyers exploring international markets, particularly in Europe, where they are increasingly active in ultraprime property acquisitions. This shift reflects a broader willingness among investors to explore alternative opportunities beyond domestic markets.

However, it’s important to note the varying purchasing power of $1 million across different global markets. While Miami offers significant value with spacious living accommodations, other destinations such as Monaco and Hong Kong provide more limited square footage for the same investment.

Source: cnbc.com