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Ranked: The Fastest Growing Luxury Real Estate Markets
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Key Takeaways
- Luxury real estate prices in Seoul soared 18.4% in 2024, making it the fastest growing market across 100 cities analyzed by Knight Frank.
- Asia and the Middle East were home to the greatest price increases amid rising affluence and rapidly growing economies.
- Dubai had the highest five-year growth at 147%, followed by Palm Beach (117%) and Manila (87%).
In 2024, Asia and the Middle East dominated the hottest luxury property markets, with six of the top 10 cities experiencing the fastest price growth.
Across many of these booming markets, surging affluence and increased foreign investment are fueling demand. Meanwhile, two markets in the U.S.—Orange County and Aspen—stood among the top 10.
This graphic shows the luxury real estate markets with the biggest price growth in 2024, based on data from Knight Frank.
The Top 10 Luxury Real Estate Markets by Price Growth
Despite political turbulence, Seoul witnessed robust demand in its luxury property market, driven by local wealth creation and a bump in property development.
In 2024, top-end home prices in South Korea’s capital surged 18.4%, beating out Dubai and Tokyo. These homes represent the 5% most expensive properties in the market.
| Rank | City | Price Growth 2024 | Region |
|---|---|---|---|
| 1 | Seoul, South Korea | 18.4% | Asia |
| 2 | Manila, Philippines | 17.9% | Asia |
| 3 | Dubai, UAE | 16.9% | Middle East |
| 4 | Riyadh, Saudi Arabia | 16.0% | Middle East |
| 5 | Tokyo, Japan | 12.1% | Asia |
| 6 | Jeddah, Saudi Arabia | 9.6% | Middle East |
| 7 | Orange County, U.S. | 9.3% | North America |
| 8 | Corfu, Greece | 8.9% | Europe |
| 9 | Mexico City, Mexico | 8.9% | North America |
| 10 | Aspen, U.S. | 8.9% | North America |
Meanwhile, Manila saw a 17.9% price surge, backed by strong economic growth.
Last year, the Philippines’ capital was the fastest rising luxury market, with 26.3% annual price growth. Driven by trade, manufacturing, and financial services activities, the Philippines stands as one of the fastest growing countries in the region.
Ranking in third is Dubai, attracting an influx of ultra-rich residents since the pandemic. Amid soaring demand for luxury real estate, there were 436 transactions worth at least $10 million between June 2023 and June 2024. For perspective, these sales totaled 23 in 2019.
When it comes to luxury markets in America, Orange County led in price growth at 9.3%, surpassing Aspen’s 8.9% increase.
Learn More on the Voronoi App
To learn more about this topic from a luxury home value perspective, check out this graphic that shows what $1 million can buy in 20 markets.
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