The global luxury property market is expected to experience growth in 2025, albeit at a sober pace, with prime locations experiencing rapid price growth due to strong investor demand, supply constraints, and economic shifts. According to Knight Frank's wealth report for 2025, Asian, Middle Eastern, and North American cities dominate the rankings for the fastest-growing luxury property markets.

Wealthy buyers are increasingly drawn to these exclusive destinations with luxury properties that offer stability, high-quality living, and potential for appreciation. Factors such as low interest rates in some regions, growing ultra-high-net-worth populations, and demand for premium properties in tax-friendly locations have contributed to significant price surges in various cities.

The top 10 fastest growing luxury property markets to watch in 2025, as ranked by Knight Frank, are Seoul, South Korea, with an 18.40% price growth; Manila, Philippines, with a 17.90% growth; Dubai, UAE, with a 16.90% growth; Riyadh, Saudi Arabia, with a 16.00% growth; Tokyo, Japan, with a 12.10% growth; Jeddah, Saudi Arabia, with a 9.60% growth; Orange County, U.S., with a 9.30% growth; Corfu, Greece, with an 8.90% growth; Mexico City, Mexico, with an 8.90% growth; and Aspen, U.S., with an 8.90% growth.

Seoul, South Korea leads the pack, driven by strong economic fundamentals and a growing demand for luxury properties. Manila, Philippines follows closely, benefiting from economic expansion and increased foreign investment in high-end residences. Dubai, UAE ranks third, supported by its status as a global hub for business and luxury real estate.

The growth of these luxury property markets is driven by a mix of local demand, foreign investment, and government policies that encourage real estate development. Despite global economic uncertainties, luxury real estate has remained resilient, with certain markets seeing double-digit price growth.

African cities, however, are underrepresented in the global luxury property market due to economic, political, and infrastructure challenges. While exceptions exist, such as Cape Town and select developments in Nairobi and Lagos, the continent's luxury real estate sector faces hurdles. As Africa's economy grows, more cities may emerge on the global luxury real estate scene.

The Knight Frank report highlights the importance of understanding the complexities of the global luxury property market, where prime locations and exclusive destinations are driving growth. As the market continues to evolve, investors and developers will need to stay informed about the trends and opportunities shaping the industry.

In conclusion, the top 10 fastest growing luxury property markets to watch in 2025 offer a glimpse into the future of the global luxury real estate industry. With Asia, the Middle East, and North America leading the way, these markets are poised for significant growth, driven by a mix of economic factors, infrastructure development, and increasing demand for premium properties.