I want to begin by wishing a happy International Women’s Day to all my readers. Keep shining your light!
Speaking of “international”, New York City has retained its ranking as the most expensive real estate market in the world. According to the 17th edition of the Knight Frank Wealth Report just released, New York held onto the top spot with 244 super-prime ($10+ million) sales and 43 ultra-prime ($25+ million) sales in 2022. London came in a close second tying for ultra-prime deals but was short 21 deals from NYC in the super-prime category. Other cities that followed in order of ranking were Los Angeles, Hong Kong, Miami, Singapore, Palm Beach, Geneva, Sydney and Paris. The total sales in 2022 among these 10 cities was a whopping $36.1 billion for both super-prime and ultra-prime combined.
Of the 100 prime markets Knight Frank tracked, Aspen saw the biggest price increase of 27.6% in the U.S. and Dubai came in top worldwide at 44.2%, which is being attributed to visa incentives attracting ultra-high net worth buyers.
Closer to home, The Real Deal ranked the NYC neighborhoods with the most expensive real estate sales in 2022. Nolita came out on top with an average sales price of $6,007,739 pushing Times Square North (which includes two uber-expensive Billionaire’s Row towers) to second at $5,436,831. Tribeca came in third in Manhattan. Cobble Hill secured the top spot in Brooklyn and Malba in Queens.
The Manhattan luxury market appears to be gaining momentum, with reports showing 31 properties priced at $4 million and above went into contract last week—the second time this year that the number of sales has surpassed 30. Although the volume is encouraging, it is suggested that price concessions may be a reason for the boost. New luxury developments continue to see some of the biggest sales, such as 200 Central Park South which recorded the highest price sale in February at $33.8 million. Construction on new luxury residential towers isn’t slowing down either. Sutton Tower on Manhattan’s East Side, which is expected to add to Manhattan’s ever-growing skyline, has sales underway with full-floor units listing for $19 million.
New York City has always been known all over the globe for its luxury real estate market; and whether you’re looking to buy, invest or even just dream, it’s always a fascinating topic wherever you may be.