There were plenty of record-breaking home sales this year even as luxury dealmaking cooled considerably from the peak pandemic years—from Beyoncé’s and Jay-Z’s $200 million Malibu, California, home to a Dubai penthouse with a private pool.
The average price growth for top-tier homes across 46 international cities was up 2.1% annually in the three months ending in September, according to the latest quarterly report from Knight Frank.
That’s up from the 1.6% recorded in the second quarter and the recent low of 0.2% seen in the first three months of the year.
“The recovery in annual pricing confirms that global housing markets are displaying signs of stabilization, despite sharply higher mortgage rates,” Liam Bailey, Knight Frank’s global head of research, said in the report.
“However, while 67% of markets saw prices rise over the year, only 63% saw an increase over the quarter, indicating lingering uncertainty.”
In the U.S., there were nearly 30 deals for $50 million or more in 2023, according to Jonathan Miller, the president and CEO of the appraisal company Miller Samuel who has been tracking such deals since 2000.
This year’s total for U.S. sales was roughly half of “2021 and 2022, but it’ll still end up being the third or fourth highest in history,” he said.
Mansion Global looks back at six record-breaking home sales in 2023.
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