Where Luxury Housing Prices Surged the Most in 2025
Tokyo saw luxury housing prices surge by nearly 60% in 2025, far outpacing other global markets. Across the world, growth ranged from strong double-digit gains in cities like Dubai and Manila to more modest increases elsewhere.
This chart, created in partnership with Terzo, shows where the price of high-end homes surged the most in 2025. It’s part of our Markets in a Minute series, which delivers quick economic insights.
Cities With the Biggest Growth in Housing Prices
Tokyo dominates the list of fastest-growing luxury housing prices in 2025. The newly-built apartment market drove growth, boosted by limited supply, low interest rates, and strong demand from Asia-Pacific buyers.Â
| Rank | Market | Rise in Luxury Home Prices, 2025 |
|---|---|---|
| 1 |  Tokyo |
58.5% |
| 2 |  Dubai |
25.1% |
| 3 |  Manila |
17.5% |
| 4 |  Seoul |
14.7% |
| 5 |  Prague |
14.6% |
| 6 |  Cayman Islands |
11.0% |
| 7 |  Mexico City |
9.4% |
| 8 |  Bengaluru |
9.4% |
| 9 |  Méribel |
9.0% |
| 10 | Mumbai |
8.7% |
Source: Knight Frank 2026 Wealth Report.
As the second-highest city on the list, Dubai saw price growth of just over 25%. The city offers a low-tax alternative for wealthy individuals and sits within the United Arab Emirates, the primary business and financial gateway in the Middle East.
Notably, Dubai holds the record in super-prime home sales, with 500 homes selling for more than $10 million in 2025.
How Luxury Properties Performed Across Regions
Regionally, Asia-Pacific cities dominate the ranking of luxury housing prices, accounting for five of the top 10 cities. In particular, India has two cities in the ranking, driven by strong economic performance that is rapidly creating domestic wealth.
| Region | Number of Cities in Top 10 |
|---|---|
| Asia-Pacific | 5 |
| Europe | 2 |
| North America | 1 |
| Middle East | 1 |
| Caribbean | 1 |
Europe follows with two cities in the top 10. Méribel, a ski resort in France, has seen strong demand as buyers are looking for generational family retreats.
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- Source: https://www.visualcapitalist.com/sp/ter02-where-luxury-housing-prices-surged-the-most-in-2025/
