Not even the superwealthy are immune to a slowing real estate market.
A total of 362 homes sold for more than $10 million across 12 global markets between July and September, down 2.4% from the same period last year, according to the real estate company Knight Frank.
In London, 51 so-called superprime homes sold in the third quarter, down from 63 last year. Singapore posted 13 ultraluxury sales, down from 34. New York also saw a drop.
Dubai, meanwhile, bucked the slowdown with 89 sales over $10 million, an increase from 58 in the third quarter of 2022. Geneva and Hong Kong also posted increases.
Don’t feel too bad for ultraluxury homebuyers, though: The overall value of luxury sales totaled $31.7 billion in the past 12 months, above the $18.6 billion spent in 2019 but down from the 2021 post-pandemic high of $40.7 billion.
“Superprime sales have been quite resilient compared to other residential markets,” said Liam Bailey, a researcher at Knight Frank, “The recovery in travel and completion of new builds have helped support sales.”
Knight Frank expects sales to decrease more next year as fewer luxury homes are built.