The world’s wealthiest real estate buyers have slowed their spending in the third quarter as they wait for greater political certainty. According to a report by Knight Frank, 406 super-prime residential sales worth $7.4 billion were made across 12 major global markets in the three-month period.
This represents an 18% decrease in the number of sales and a 17% fall in value compared to the previous quarter. The slowdown was influenced by political and economic uncertainties, particularly in the US.
Miami saw a nearly 60% decline in super-prime sales, while Palm Beach recorded its lowest figures since late 2022. Even Dubai, which is the most active market with $83 million in sales, experienced a 40% year-on-year decline.
However, London was the only city to log an increase in sales, rising from 47 to 51. This surge is attributed to buyers rushing to secure deals before the government’s new budget and financial plans were revealed in October.
Source: https://www.mansionglobal.com/articles/trophy-home-sales-slowed-globally-ahead-of-u-s-election-f0e3bda3