Residential sales across 12 of the world’s mainstream cities experienced a slowdown in properties over US$10m in the three months to September 2024, according to Knight Frank. 

A total of 406 sales were recorded, down from 496 in the previous quarter and below the 464 sales reported in the same period last year. 

The uncertainty surrounding the US election seemingly cast a shadow over the five American markets studied by Knight Frank, with none reporting an increase in sales last quarter, though Los Angeles and New York City showed some year-on-year improvement. 

The only market among the studied 12 cities to see a quarter-on-quarter increase in US$10m-plus sales was London. The city’s 51 sales marginally improved upon the 47 reported in the second quarter – the first such increase since Q3 last year. 

This uptick confirms the speculation that the market was motivated to get ahead of the new Labour government’s budget. 

However, London is still far from its post-pandemic peak. Between 2021 and 2023, London averaged US$1.5 billion in super-prime sales per quarter, whereas this year has yet to see a quarter breach the US$1 billion mark. 

Knight Frank also reports that Dubai is transitioning into a phase of more sustainable growth following its pandemic boom. 

While the 83 sales in Dubai during this quarter remain well above the average since 2021, they are down nearly 40% compared to the same period last year. 

Nevertheless, over the 12 months to September 2024, the number of sales in Dubai has more than tripled compared to 2021 and more than doubled compared to 2022. 

The big question mark remains over the US super-prime market performance which Knight Frank says predicted a desire for greater political certainty post-election. Palm Beach, which typically sees its peak in the first quarter 

of each year, recorded its lowest sales figure since the end of 2022. 

Miami, too, experienced a decline, with sales dropping nearly 60% compared to Q3 2023 – a steep decline even when considering the market’s seasonal patterns.