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uxury real estate prices surged in 2024, driven by Asian and Middle Eastern markets. Despite high interest rates deterring buyers, Seoul saw a 18.4% increase, Manila grew by 17.9%, and Dubai jumped 16.9%. In the US, luxury resort housing outperformed other markets, with Palm Beach experiencing a 117% value increase since 2019. The city's property boom has been attributed to President Trump's presence and its newfound international appeal.

    Aspen, on the other hand, saw an 8.9% growth in luxury real estate prices, driven by a post-pandemic trend towards valuing health and wellness. However, European and North American markets lagged behind due to high interest rates and economic uncertainty. Analysts predict that further rate cuts are needed to restore momentum.

    Central banks have shifted their focus from raising to cutting interest rates, but the impact on most markets has been limited. Liam Bailey, global head of research at Knight Frank, notes that while house prices are growing in over three-quarters of markets, it will take additional rate cuts to turn this into a trend.