Over the past year billionaire wealth has reached record highs. Now comes the real estate boom as they blow their newly-earned cash on $10 million-plus properties.
So far this year, 785 properties worth more than $10 million have been sold in New York, Los Angeles, Hong Kong, London, Sydney, Singapore and Dubai. Knight Frank, a real estate consultancy, estimates that figure is more than double last year’s and up 52% on 2019’s.
In total, wealthy buyers around the world spent $13.8 billion on homes valued in excess of $10 million during the first six months of this year. “We expect super-prime sales to end 2021 on a high,” comments Liam Bailey, global head of research at Knight Frank.
New York has seen the biggest increase in the super-prime category, with 202 sales above $10 million this year. The city…