PIRI 100: the ultimate prime residential property index

Our index provides a definitive view of how the world’s leading luxury residential markets are performing.

23 April 2026

3 mins read

PIRI 100: the ultimate prime residential property index — Image: New York rose above tax threats

The PIRI highlights today’s global trends and standout individual markets.

Of the 100 markets tracked, 73 saw prices increase while 24 experienced declines.

Global luxury residential prices rose by 3.2% in 2025, slightly below the 3.6% increase recorded in 2024. Regional performance varied markedly. Middle East markets led driven largely by Dubai, Latin America and the Caribbean, with Asia-Pacific and Europe close behind. Only North America hit negative territory, reflecting weakness in Canadian markets.

Prime property performance by region

Prime markets continue to outperform their wider national peers. Here's an overview of this year's results.

New York prices are up marginally, but inventory for high-quality, turnkey properties is low.
Los Angeles is grappling with Measure ULA, which has cooled super-prime liquidity.
Prices fell slightly in Miami, but this followed a stellar run since 2021.
Aspen posted its third-highest annual sales volume on record.
Vancouver and Toronto are in decline due to higher debt costs.

The UAE remained the global leader in super‑prime residential performance.
Dubai continued to dominate with 500 home sales above US$10 million in 2025.
Abu Dhabi is emerging as a destination for UHNWIs seeking a lower‑profile lifestyle.

Hong Kong saw one of the strongest upticks in super-prime sales at the end of 2025.
Singapore continues to set price records, but volume remains constrained by high stamp duty fees.
India’s rapid wealth creation is reshaping the top end of the market, mostly in Mumbai.
Performance is strong in lifestyle-led and second-home markets across Australia.
New Zealand is more uneven – Auckland’s prime segment was subdued but stable.

London’s tax rules on wealthy residents push budgets lower and encourage renting.
Milan and Madrid are capturing some of this mobile capital as second-home destinations.
Méribel and Marbella remain in strong demand as generational family retreats.

Six themes shaping the global prime residential market

From wealth creation and tax-driven mobility to scarcity, branding and competing global hubs, we explore six forces driving prime residential market performance.

1. The rise and rise of wealth creation

In many markets the prime residential sector has decoupled from the broader housing sector, sustained by the outperformance of wealth creation.

2. Tax and political rhetoric drive migration

Taxes and anti-wealth rhetoric are becoming a structural theme shaping residential markets. Expect more of the same.

3. High mobility and the “dip-in, dip-out” lifestyle

Rising tax and growing regulatory pressures are accelerating wealth mobility. UHNWIs are increasingly organising their lives across multiple jurisdictions.

4. Wealth hubs competing

If the wealthy are living increasingly footloose lives, so too are their advisers. There is an emerging pattern of family offices establishing outposts across multiple global hubs.

5. Scarcity shapes prime markets

A shortage of prime, move-in-ready housing is becoming a defining feature in markets. Affluent buyers don’t want to absorb renovation risk, resulting in quick transactions on luxury turnkey homes.

6. The boutique branded residence premium

There is a rapid expansion in branded residences, with our projections pointing to over 1,000 live schemes worldwide by 2030. Buyers are willing to pay premiums for top-tier service, privacy, and high-quality amenities.

Four ways ultra-mobility is affecting real estate

A mix of tax pressure, frictionless technology, and shifting lifestyles is driving mobility among the wealthy, reshaping where they live, invest and buy luxury homes.

The shrinking trophy budget and the rise of boltholes

As UHNWIs spend less time in traditional hubs, their property needs have scaled down. In London, the appetite for vast square footage has been replaced by a demand for convenience.

A feverish super-prime rental market

With buyers reluctant to incur stamp duty or mansion taxes, the super-prime rental market has surged with many UHNWIs willing to pay large sums for the freedom to leave when they like.

A renewed premium on turnkey and managed residences

Demand for highly serviced residences has increased. Paddy Dring of Knight Frank’s Private Office confirms, “Buyers don’t want the hassle of managing large properties, they want turnkey perfection.”

The private members’ club as the ultimate city base

When the wealthy are in a city for 48 hours of dealmaking and socialising, a club provides a ready-made base. The club boom that took hold in London and New York is spreading to Miami, Milan, Singapore and beyond.