Wealthy buyers are increasingly drawn to these exclusive destinations with luxury properties that offer stability, high-quality living, and potential for appreciation.
Factors such as low interest rates in some regions, growing ultra-high-net-worth populations, and demand for premium properties in tax-friendly locations have contributed to significant price surges in various cities.
The global luxury estate market is expected to experience growth in 2025, albeit at a sober pace.
According to the Knight Frank’s report, many prime housing markets returned to growth after prices retreated in 2023, with rates on their way down, albeit slowly.
Despite global economic uncertainties, luxury real estate has remained resilient, with certain markets seeing double-digit price growth.
This trend is driven by a mix of local demand, foreign investment, and government policies that encourage real estate development.
Where luxury meets opportunity: Top growing markets
Cities in Asia, the Middle East, and select locations in North America continue to dominate the rankings, offering prime properties that attract global investors.
According to Knight Frank’s wealth report 2025, the table below presents the fastest-growing luxury property markets in 2024, showcasing cities across different regions that are experiencing the most significant increases in real estate prices.
| Rank | City | Price Growth 2024 | Region |
|---|---|---|---|
|
1 |
Seoul, South Korea |
18.40% |
Asia |
|
2 |
Manila, Philippines |
17.90% |
Asia |
|
3 |
Dubai, UAE |
16.90% |
Middle East |
|
4 |
Riyadh, Saudi Arabia |
16.00% |
Middle East |
|
5 |
Tokyo, Japan |
12.10% |
Asia |
|
6 |
Jeddah, Saudi Arabia |
9.60% |
Middle East |
|
7 |
Orange County, U.S. |
9.30% |
North America |
|
8 |
Corfu, Greece |
8.90% |
Europe |
|
9 |
Mexico City, Mexico |
8.90% |
North America |
|
10 |
Aspen, U.S. |
8.90% |
North America |
Seoul, South Korea leads with an 18.40% price growth, driven by strong economic fundamentals and a growing demand for luxury properties.
Manila, Philippines follows closely at 17.90%, benefiting from economic expansion and increased foreign investment in high-end residences.
Dubai, UAE ranks third with a 16.90% projected growth, supported by its status as a global hub for business and luxury real estate. Similarly, Riyadh, Saudi Arabia shows 16.00% growth, fueled by the country’s Vision 2030 initiative and significant infrastructure investments.
In summary, Asia, the Middle East, and North America lead the way in luxury real estate growth, with Seoul, Manila, and Dubai among the top performers.
These markets are driven by a mix of economic factors, infrastructure development, and increasing demand for premium properties
African cities are underrepresented in the global luxury property market due to economic, political, and infrastructure challenges.
While exceptions exist, such as Cape Town and select developments in Nairobi and Lagos, the continent’s luxury real estate sector faces hurdles. However, as Africa’s economy grows, more cities may emerge on the global luxury real estate scene.
