International Property - Global luxury house prices rise 3.2% led by Tokyo (+58.5%) and Dubai (+25.1%)

Knight Frank Wealth Report

23rd April 2026 – Knight Frank, the leading independent global property consultancy today 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.

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.”

How much prime property does US$1m buy?

Courtesy: Knight Frank

For further information, please contact:

Astrid Recaldin, head of global wealth & international PR at Knight Frank [email protected]

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy, serving as our clients’ partners in property for 128 years. Headquartered in London, Knight Frank has more than 20,000 people operating from 600 offices across 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Firm, please visit knightfrank.com.