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New York’s luxury home market was No. 1 in the world last year, with the biggest gains in high-end property prices.

The value of premium residential property in the Big Apple climbed 18.8 percent between December 2013 and December 2014, compared to the global average price growth of 2 percent, according to Knight Frank’s 2015 Wealth Report, released today.

The report’s Prime International Residential Index (PIRI) marks the change in price of prime residential property in 100 cities and second-home locations. After New York, the other cities with the biggest gains in luxury real estate were Aspen (16%), Bali (15%), Istanbul (15%) and Abu Dhabi (14.7%).

The US dominated the global luxury real estate market, with American cities taking four out of the top 10 PIRI slots — San Francisco (14.3%) was No. 6, and Los Angeles (13%) was No. 10.

Meanwhile, Asia experienced a slowdown in luxury home prices; in 2013, four Asian cities were in the top 10, but just one made it to the list this time — Bali, at No. 3. Jakarta, which previously led the rankings in 2012 and 2013, slid to 12th place this year, an indicator of the luxury market slowdown evident across many Asian markets in 2014.

Top 20 rankings below. Get the full report here.

PIRI top 20

Image: Knight Frank

Here’s how much luxury real estate $1 million USD will buy you in the most exclusive markets (the figures for Hong Kong and Sydney are based only on apartments). A solid million-dollar spread in New York would measure a scant 366 square feet, but that’s roomy compared to Monaco, where the same buying power would get you half the space, at 183 square feet. On the other end of the moneyed spectrum, $1 million in Dubai would pay for a 1,560-square-foot upscale residence.

Wealth Report square meters infographic

Image: Knight Frank

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