Asia-Pacific cities, led by Tokyo and Seoul spearhead global luxury real estate growth according to the latest edition of Knight Frank’s Prime Global Cities Index

เกริก บุณยโยธิน 11 February, 2025 at 10.30 am

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Asia-Pacific cities, particularly Tokyo and Seoul, are leading the global luxury real estate market according to Knight Frank’s latest Prime Global Cities Index for Q4 2024. The index for Q4 2024 reveals a gradual improvement in global prime residential price growth, with the annual rate reaching 3.2%. While this marks an uptick from the previous quarter, it remains below the 20-year long-run average of 5.3%.

Liam Bailey – Global Head of Research shares, ” The path to lower rates has become more complex over recent months as developed economy inflation refuses to fall as policy makers would like. However, with most commentators expecting further cuts in 2025 this will be the factor that will unlock higher house price growth this year.”

Christine Li, Head of Research at Knight Frank Asia-Pacific, adds: “The strength of Tokyo and Seoul’s prime residential markets highlights how local market fundamentals and policy decisions are shaping luxury real estate performance. Despite headwinds such as rising interest rates in Japan and political uncertainties in South Korea, sustained demand from high-net-worth individuals and relative affordability compared to other global cities have supported strong price growth. Moving forward, we remain cautiously optimistic, as Asia-Pacific cities continue to drive long-term capital appreciations.”

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Highlights of Knight Frank’s Prime Global Cities Index, Q4 2024

• Tokyo’s remarkable resurgence: Tokyo’s prime residential market experienced a dramatic resurgence in Q4, achieving an impressive 10.6% quarterly growth after a decline in the previous quarter. This robust performance comes despite Japan raising interest rates to their highest level in 17 years. The weakened Yen continues to attract foreign buyers to Tokyo’s luxury market, with the city offering exceptional value compared to other global hubs. The outlook remains optimistic, with expectations of 3-5% price increase for luxury assets. The city’s affordability compared to other global markets continues to attract international investors.

• Seoul’s stellar performance: Seoul emerged as the standout performer of 2024, recording an exceptional annual price growth of 18.4%, a significant leap from Q3’s 4.6%. The city’s luxury market demonstrated remarkable resilience despite political uncertainty. This growth aligns with broader trends in Seoul’s real estate landscape, where luxury apartments dominated sales in 2024, with 53.8% of transactions exceeding 900 million won.

• Manila’s strong but cooling market: Manila maintained strong annual growth throughout 2024 but experienced a cooling in the final quarter. Prices dropped 7.6% compared to the previous quarter, indicating a potential shift in market dynamics.

• Broader APAC region: Markets like Singapore and Australia continue to play significant roles in the luxury real estate market, attracting investors with their stable markets and promising long-term returns.