Worldwide sales of ultra-luxury properties, homes worth over $10 million (€8.99 million), stagnated in the first half of the year compared to the same period last year, according to a report by Knight Frank real estate consultancy. By TPN, in News, Portugal, Property, World · 18 Sep 2024, 08:05 · 0 Comments Between January and June, 939 ultra-luxury homes were sold, 5 fewer than in the same months of 2023, which corresponds to a negative year-on-year variation of 0.5%. The trend is the same considering only the second quarter when 463 properties were sold, a slight decrease compared to the 476 sold in the same period of the previous year.

The report highlights the luxury real estate market’s resilience in the face of global economic uncertainty. Despite the recent slowdown in Dubai, the city remains a top destination for luxury real estate buyers. The report also notes that the luxury real estate market is experiencing a shift in buyer preferences.

The study indicates that “super-prime” sales, the highest and most exclusive level of the ultra-luxury real estate market, with homes that can exceed $100 million (around €89.86 million), have been between $32 billion and $34 billion (€28.75 million and €30.55 million, respectively) since the fourth quarter of 2022. Francisco Quintela, CEO of Quintela e Penalva, Knight Frank’s partner in Portugal, highlights that “clients are increasingly demanding, looking for high-quality and distinctive projects. Clients are often looking for unique properties with very specific characteristics that are out of the market.”