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Sunny locations attracted the most luxury buyers in 2023, according to findings from Knight Frank’s Prime International Residential Index, and outlined in their 2024 Wealth Report.
According to the report, luxury buyers are choosing sunny real estate locations over city and ski real estate markets. In fact, locations that offer a sun and sand living experience averaged an annual price increase of 4.7% year-over-year, outperforming city and ski locations. Ski resort locations had the next highest average annual price increases of 3.3%, and average home prices in city markets increased by 2.7% from 2022 to 2023.
“As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world’s luxury markets,” said Liam Bailey, global head of research at Knight Frank.
