Top markets of super luxury homes are Dubai, Palm Beach, and Miami; plus more news

For PropertyGuru’s real estate news roundup, the super luxury home markets of Dubai, Palm Beach, and Miami lead in global sales. In other stories, know why more Australians think now is a good time to sell their homes. And lastly, the number of tourists visiting Hong Kong continues to rise.

Dubai, Palm Beach, and Miami lead world’s super luxury home sales

Based on new data from global property consultant Knight Frank, 463 sales of properties valued at USD10 million or more were recorded in the three months leading up to June 2024 across 11 key markets. This figure is slightly lower than the 476 sales recorded in the previous quarter. However, sales volumes at the high end of the residential market remain nearly two-thirds higher than pre-pandemic levels.

Liam Bailey, Knight Frank’s Global Head of Research says in The World Property Journal, “Substantial wealth creation has supported the growth in the global super-prime sales market. The transformation of markets like Dubai, Palm Beach, and Miami has more than offset the slowing experienced by some more mature markets. With rates moving lower, total transaction volumes are likely to tick higher into 2025.”

Time to move: Why more Aussies think now is a good time to sell their homes

A recent survey has revealed that more property owners think now is a good time to sell up than a year ago, as strong price growth buoys confidence.

The latest Residential Audience Pulse survey by realestate.com.au in July found 44 percent of potential sellers surveyed believed now was an opportune time to sell, compared with 37 percent at the same time last year.

This improved sentiment was primarily driven by respondents in Western Australia, South Australia, and Queensland, where home price growth has been substantial over the past few years.

Nationally, sellers thought now was a good time to sell due to personal circumstances – including down-sizing, up-sizing, retirement and relationship status changes. However, the main motivators varied from state to state, according to PropTrack.

Hong Kong tourism numbers continue to rise – Colliers

The first half of 2024 brought 21.15 million visitors to the Hong Kong SAR, up 64 percent from the same period in H1 2023, with an average of 116,000 visitors daily. Some 16.5 million visitors were from the Mainland and 5 million were from overseas. Almost half of the visitors, 10.5 million, opted to spend the night in the city, with an average length of stay (ALOS) of 3.2 days. The Hotel Conversation reports that Hong Kong hosted 25 million visitors from January to July, up 52 percent year-on-year (YoY).

Meanwhile, the Hong Kong Tourism Board (HKTB) laid on a raft of events to boost inbound visitors. The Doraemon Exhibition in July was a great success, attracting 5 million fans and bumping the hosting mall’s food and beverage takings by 30 percent.

While H1 2024 inbound visitor numbers showed strong positive growth YoY, they were still some way off H1 2018’s highs of 30.6 million, of which 13.856 million were overnight visitors.

The Property Report editors wrote this article. For more information, email: [email protected].