Wider horizons: global luxury property markets move beyond traditional wealth hubs

International wealth is increasing activity in lifestyle-led property markets.

Global cities still lead the luxury residential market in pricing, but the gap between urban and lifestyle destinations is narrowing.

London remains the benchmark, while New York and Paris follow closely behind. These cities continue to command a premium due to their depth of wealth, international appeal and market liquidity.

While London, New York and Paris occupy the top tier, cities such as Miami, Milan and Tokyo demonstrate the breadth of demand across the global luxury residential market, supporting upper-end pricing. Florence and Madrid sit slightly below this level, while Lisbon and Bangkok offer significantly lower entry points.

What is striking is how closely some resort destinations now compete with urban locations.

Marbella’s upper price range broadly matches Madrid, while emerging resort destinations such as Comporta have achieved pricing levels comparable with some established city markets. This confirms buyers are now more willing to pay city-level prices for high-quality lifestyle locations.

This convergence reflects broader shifts in global wealth patterns. This year’s edition of The Wealth Report showed that global UHNWIs’ average residential property portfolio has risen from 2.9 properties to 3.8 in less than a decade.

Convenience and flexibility shape luxury demand

As buyers become increasingly mobile, the appeal of homes that can be occupied immediately and managed remotely is growing.

International purchasers are placing greater emphasis on convenience, security and ease of ownership. New-build homes, especially branded residences offering hotel-style services, are particularly well positioned to benefit.

The strongest-performing prime global city markets over the five years to Q1 2026 reinforce this shift.

While Dubai’s growth is in a category of its own, the wider top 10 extends well beyond the traditional gateway cities. Alongside global centres such as Tokyo, Miami and Los Angeles, the ranking includes second-tier cities such as Mumbai, Milan, and Australia’s Gold Coast.

Liam Bailey is Global Head of Knight Frank’s Research Department, leading the firm’s global research strategy and overseeing projects across the UK and international markets.