New York remains the most expensive real estate market in the world: report

The Big Apple retained its crown as the most expensive housing market in the world.
New data has determined that in 2022, more ultra-prime property transactions took place in New York City than anywhere else on Earth.
On Wednesday, real estate broker Douglas Elliman and advisory agency Knight Frank released the 17th edition of their annual Wealth Report, an analysis of current trends at the highest end of the residential real estate market. Among other findings, the report ranked the top 10 places in the world for home sales over $10 million (also known as "super-prime" sales) and $25 million ("ultra-prime sales").
New York took the gold, with 244 super-prime and 43 ultra-prime sales in 2022. London was close behind, settling for ultra-prime sales but boasting 21 fewer super-prime deals. Los Angeles won third place - followed by Hong Kong, Miami, Singapore, Palm Beach and Broward, Geneva, Sydney and Paris. (In total, super-prime and ultra-prime transactions in the top ten cities totaled $36.1 billion.)
Despite taking the top spot again, New York's real estate growth in 2022 was significantly less than other 8 percent cities: while Los Angeles saw its market prices increase by 22 percent, and Miami saw its real estate growth At 3%, saw only XNUMX% growth last year.
Overall, the 2022 real estate trends of 1 percent showed a gradual return to patterns disrupted by the coronavirus pandemic, which experts believe will continue into next year.
"After the 2021 anomaly, 2022 was something of a transition year," said Knight Frank research associate Flora Hurley. “Some epidemic trends continued to emerge, while the growing headwind promoted some to rethink their assets and investment strategies. In 2023, it is likely that we will see this normalization process continue when transaction levels return to pre-pandemic levels, a decrease compared to the last two years but still very active."
Other report findings include the fact that prime market price growth is slowing, though not uniformly, with cities being more affected than resorts. However, the situation, while on a downward trend from 2021, is not a cause for huge concern.
"This is not 2008," the report said.
Indeed, 2021 has set a high bar, but resorts, at least, are certainly still glowing from certain pandemic side effects, including "the shift to hybrid work, and the desire for a better work-life balance."
Both the sun resorts and the ski locations "from Dubai to Miami and most of the markets in between" led last year, with an average of more than 8% annual price growth.