Knight Frank – Global Prime Residential Forecast, 2024

Knight Frank's Prime Global Forecast for 2024 predicts positive growth in prime residential prices. The forecast has been revised upwards by their global research team, with an anticipated average growth of 2.4% in 2023 and 2.5% in 2024. The research reveals that cash buyers are on the rise, increasing from 46% to 52% in the last six months. Dubai is expected to lead in price growth for 2023 with a projected 14% increase, while Auckland is the frontrunner for 2024 with a predicted 10% growth. The report also suggests that there is cautious optimism among prime buyers, as they believe economic headwinds are easing, coupled with a shortage of new properties entering the market. However, elections pose a potential risk to prime markets in 2024, while the relaxation of tax and property regulations is considered the biggest opportunity.