Global luxury house prices rise 3.2% led by Tokyo (+58.5%) and Dubai (+25.1%) – Knight Frank Wealth Report
Knight Frank, the leading independent global property consultancy has launched its landmark 20th edition of The Wealth Report revealing the findings of Knight Frank’s Prime International Residential Index (PIRI 100) which covers price performance across 100 global luxury housing markets. It reports a 3.2% average rise in prime prices in 2025, outperforming mainstream housing markets for the second consecutive year.
Image from The Knight Frank Wealth Report 2026
Headlines from Knight Frank's 20th edition of The Wealth Report include:
- Global wealth creation accelerates as 89 new UHNWIs are created each day
- Global luxury house prices rise 3.2% led by Tokyo (+58.5%) and Dubai (+25.1%)
- Luxury investment market stabilises as collectors pivot to rarity and provenance
- $144bn targets Commercial Real Estate re-entry as private wealth extends four-year dominance
Key Findings
• 73 out of 100 prime markets recorded price growth in 2025• Tokyo leads globally with a 58.5% surge in prime new-build apartment values
• Dubai rises 25.1%, maintaining its position in 2025 as the world’s most active US$10m+ market with 500 super-prime sales
• Middle East (+9.4%) was the best-performing region; Latin America/Caribbean (+4.7%), Asia-Pacific (+3.6%), Europe (+3.3%) also saw steady gains
• North America declined -0.9%, driven by price falls in Canada
• Global scarcity of turnkey homes continues to drive premiums for move-in-ready stock
• Ultra-mobility reshapes buying patterns, with a growing number of UHNWIs spending fewer than 90 days per year in traditional hubs and boosting demand for super-prime rentals
• Future hotspots include Mumbai (+8.7%), Brisbane (rapid luxury growth), Miami (+67% over five years), and Hong Kong (super-prime rebound)
Liam Bailey, editor of The Wealth Report comments: “In many markets, prime residential property has pulled away from the broader housing sector, underpinned by the strength of wealth creation. While mainstream markets remain exposed to wider economic pressures, the pace at which wealth is being generated is helping to keep demand for luxury property more resilient, even against recent volatility in debt costs.”“UHNWIs are increasingly organising their lives across multiple jurisdictions, with family offices actively managing tax, lifestyle and political risk. As a result, established hubs such as London are shifting towards a ‘dip-in, dip-out’ model: places to spend time for business, culture and connectivity rather than permanent residence.”
Related reading
- Dubai and Global Business: Insights from the IoD Trade Event
- What does the millionaire migration mean for schools?
- Tracking global wealth migration
- Millionaires on the move: migrating the world’s top 1%
How much prime property does US$1m buy?
| US$1 million bought this many sq m in Q4 2020 | City | US$1 million bought this many sq m in Q4 2025 |
| 17.3 | Monaco | 16.0 |
| 22.6 | Hong Kong | 22.5 |
| 37.2 | Geneva | 27.9 |
| 36.2 | Singapore | 28.1 |
| 30.7 | London | 32.9 |
| 34.9 | New York | 33.9 |
| 50.4 | Los Angeles | 36.4 |
| 62.4 | Tokyo | 36.6 |
| 41.9 | Paris | 37.1 |
| 41.0 | Vienna | 39.0 |
| 44.2 | Sydney | 42.1 |
| 49.8 | Shanghai | 44.4 |
| 59.9 | Milan | 45.8 |
| 97.0 | Miami | 58.1 |
| 66.4 | Berlin | 58.8 |
| 182.8 | Dubai | 62.2 |
| 93.1 | Madrid | 75.1 |
| 92.5 | Lisbon | 79.4 |
| 79.4 | Melbourne | 82.6 |
| 104.9 | Mumbai | 95.5 |
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