_Which cities are topping the list for Ultra Prime properties?
The relentless creation of private wealth globally over the past decade has fuelled the growth of ultra-prime residential markets. Knight Frank has assessed the world’s leading luxury markets to reveal 17 true ultra-prime destinations.
Despite the proliferation of ultra-prime markets across cities, second home and ski locations, our research confirms there are three undisputed leading ultra-prime markets – Hong Kong, New York and London.While London has seen a relative decline in its lead as the world’s largest ultra-prime market, in terms of sales, Hong Kong has steadily built a commanding lead in terms of total spend by the world’s wealthy on ultra-prime property with New York growing its position as a dominant ultra-prime location.
Highlights from the report include:
- Across the top six ultra-prime city markets (Hong Kong, New York, London, Singapore, Los Angeles and Sydney), 153 transactions above US $25 million took place in the 12 months to the end of August 2018 with a combined value of US $6.6 billion
- Combined transaction levels in these cities grew by 12% in the two years since 2016 with growth set to continue
- Hong Kong leads the rankings in the most recent 12-month period with the highest number of transactions achieved (worth US $ 2.5 billion). It was also the most expensive ultra-prime market, with an average price of US $52.8 million paid
- The ultra-prime market in New York grew by 50% between 2015 and 2017. It sits in second place in terms of number of transactions achieved in the past 12-months (worth US $ 1.5 billion)
- London topped the rankings in 2015 with the highest number of transactions (worth US $ 2.9 billion) but slipped to third place in the most recent 12-month period. Higher stamp duty charges and concerns over Brexit have led to a decline in the number of ultra-prime sales. However, the city remains one of the top three ultra-prime markets globally
- Singapore saw the number of ultra-prime sales drop to two in 2016. However, this bounced back to 12 in the most recent 12-month period, demonstrating the underlying health of the market
- LA has seen significant growth in this market with the number of transactions growing by 260% between 2015 and 2017, albeit from a low base
- Malibu, Palm Beach, Cote d’Azur, Monaco, the Caribbean, St Moritz, Gstaad, Courchevel and Aspen form the second home markets and ski destinations which feature within the top 17 locations for ultra-prime sales with the majority witnessing an uptick in sales volumes over the past three years. Paris and Miami complete the line-up of city markets.
A selection of ultra prime properties for sale:
LA
10697 SOMMA Way - Bel-Air / Holmby Hills, California, Price: $100,000,000
2911 ANTELO VIEW Drive - Bel-Air / Holmby Hills, California, Price: $35,000,000
Aspen
McLain Flats, Colorado, Price: $34,000,000
1025 N Starwood Drive - McLain Flats, Colorado, Price: $29,500,000
New York
Madison Square Park Tower, 45 East 22nd St, PHAB - Flatiron District, New York, Price: $77,700,000
845 United Nations Plaza, 82ACD - Turtle Bay, New York, Price: $39,000,000
Miami
100 S Pointe Drive, PH2 - Miami Beach, Florida, Price: $48,000,000
Palm Beach
1295 S Ocean Blvd, Palm Beach, FL, Price: $135,000,000
Caribbean
9 bedroom house for sale in Exumas, Bahamas, $85,000,000 / £66,243,425.70