Residential sales above US$10 million in the 12 cities covered by the Knight Frank Global Super-Prime Intelligence Report totalled 422 in Q2 2023. This number was 11% below the 475 recorded in Q1 of this year and 13% below the 483 sales seen in Q2 2022.
Higher interest rates have impacted all levels of the global housing market, and the luxury segment is not immune. That said, sales in the 12-month period up to June of this year (totalling 1,638 globally) are still running well ahead of the levels seen pre-pandemic (1,009 in 2019).
Despite the year-on-year decline in overall sales, four markets saw volumes rise, led by Dubai (up 79% between Q2 2022 and Q2 2023), Sydney (up 46%), Paris (up 17%), and Geneva (up 7%). The biggest declines over the year were seen in key US markets, led by Los Angeles (down 63%).
