B
enzinga and Yahoo Finance LLC may earn commission or revenue through links below. The super-rich ended 2024 with a luxury real estate buying spree, resulting in a significant surge in sales of properties over $10 million in high-end cities worldwide. According to Realtor.com, citing Knight Frank data, this led to a 30% increase in sales activity compared to the previous year, totaling 558 mega-transactions.

    Dubai was the top destination in 2024, with Q4 sales more than doubling from 2023 totals. The UAE's golden visa program, which offers long-term residency for those investing over $550,000 in real estate, may have contributed significantly to this activity. New York City followed closely behind, with 87 deals over $10 million, nearly doubling its total from the end of 2023.

    Florida was another popular US destination, with vacant lots in Palm Beach selling for eight-figure prices. Hong Kong made a strong comeback after COVID-19 damaged its real estate market, with luxury property sales increasing by 380% compared to post-COVID years. However, Singapore's luxury real estate market suffered due to a 60% tax on foreign buyers.

    London also experienced a decline in luxury buying activity, attributed to fears over potential regulatory changes targeting foreign buyers. The city is struggling with housing affordability and has proposed crackdowns on foreign property ownership, impacting its total sales for 2024.