London’s super-prime residential market has been facing headwinds from the upcoming UK general election, leading to Q1 2024 sales falling by 29%.
The first quarter saw 41 deals in the super-prime London market, a fall from the 58 deals transacted in Q1 2023.
Knight Frank, who carried out the research, said the trend is prompted by uncertainty around the existing non-domiciled taxation regime and whether the next government will keep it.
Dubai topped the cities rankings for super-prime sales in Q1 2024 with 105 sales; New York came second with 56; and Palm Beach third with 47 sales.
In Asia, Hong Kong came out as the best performing market with 36 deals in the quarter, versus, Singapore that saw 19.
London’s annual sales in the super-prime market have also decreased by 7%.
However, London remains the second biggest global super-prime market on an annual basis after Dubai, 15% ahead of New York in terms of sales in the 12-months to March this year.
The global market saw 1,618 deals close in the 12 months to the end of March, the lowest annual total in three years, and a 3% decline year-on-year.
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