Ultra wealthy homebuyers are willingly shelling out more than $1 million for a 1,000-square-foot apartment on Rome’s Via Veneto, spending more than $2 million for two-bedroom village homes in Mallorca, Spain and continuing to splurge on Upper East Side residences in New York City, according to Knight Frank’s most recent wealth report.
Key Facts
- The annual report highlights the 10 hottest housing markets set to outperform in the coming year, including two in the United States: the Upper East Side of Manhattan and Hollywood’s Pacific Palisades neighborhood.
- Brokers on New York’s Upper East Side, where new condos and pre-war residences can cost upwards of $7,000 per square foot, reported their busiest months on record at the start of 2026 and Pacific Palisades, where legendary film director Steven Spielberg owns a $97 million estate, is surging as the area rebuilds following last year’s devastating wildfires.
- Italy, with its flat income tax on foreign earnings meant to attract high-net-worth individuals, is shaping into a hot European destination for the wealthy with Rome‘s famous Via Veneto and Lake Como, where three-bedroom apartments can cost up to $5 million, expected to surge, per Knight Frank.
- Interest in London’s affluent Chelsea neighborhood is growing among domestic and international buyers, particularly Americans, Knight Frank reports, but at a high cost—two-bedroom apartments easily top $2 million and larger family homes list for between $7 million and $13 million.
- Second-home owners are reportedly eyeing Mallorca, a Spanish island in the Mediterranean where two-bedroom homes cost more than $2 million, and St-Martin-de-Belleville in the French Alps, where buyers can score a four-bedroom ski chalet for $1.8 million.
- So-called “lifestyle-led” buyers and families are eyeing the prestigious suburb of Dalefield outside of Queenstown, New Zealand, where $3 million buys a modern home and Geelong, a port city in Victoria, Australia, is attracting investors to its $2 million homes close to the bay.
- The residential area of Silberküste along the western shore of Lake Zurich in Switzerland—where two-bedroom apartments run about $1.9 million and prime waterfront villas start at $25 million—is hot with domestic executives and business owners, as well as U.S., U.K. and northern European buyers relocating as Swiss residents, per Knight Frank.
Where Else The Super Rich Are Moving
Other key markets are also experiencing unprecedented change in their luxury appeal, according to Knight Frank, like Miami, Abu Dhabi, Mumbai and Brisbane, Australia. In the United Arab Emirates, Dubai has seen a super-prime real estate boom for years but Abu Dhabi has recently emerged as a hot alternative for those still wanting to take advantage of UAE’s economic opportunity, but at a slower pace. In India, Mumbai has seen a 38% rise in GDP in the last five years and with it has come a surge in new-build sales worth $5 million or more.
Australia has seen a 30% surge in its number of millionaire-or-richer residents in the last 10 years, and Brisbane saw rapid growth in 2025 spurred by the upcoming 2032 Olympic Games and significant government infrastructure investment. In the last 12 months, top-end apartment prices in Brisbane soared from $7 million to $11 million, Knight Frank reported, and prime real estate is exceeding $3,000 per square foot.
The world’s 10 hottest housing markets
Via Veneto
Rome, Italy
EuropeVia Veneto is reclaiming its status as one of Rome’s most glamorous addresses, with a wave of five-star openings reshaping the district. – Andrew Blandford-Newson, Italian Desk
Who is buying
- International investors
- Private equity and family offices
- Corporate tenants
What you pay
Around US$1.2 million for a fully renovated 100sqm apartment. From US$19 million for a five-bedroom villa.
What to expect
A cosmopolitan, hotel-led lifestyle and a front row seat to Rome’s modern revival.
Deià
Mallorca, Spain
EuropeOne of Europe’s most treasured villages, with honey-coloured stone houses, terraced olive groves and winding lanes. – Jack Harris, Spanish Desk
Who is buying
- British, US and northern European second-home owners
- Internationals wanting longer stays or relocations
What you pay
From US$2.4 million for a two-bedroom village home. From US$8 million for a four-bedroom villa.
What to expect
Exceptional light, crystalline coves and a strong, characterful community.
Dalefield
Queenstown, New Zealand
Asia-PacificQueenstown remains one of the southern hemisphere’s most established lifestyle destinations for its alpine scenery and outdoor pursuits. – Chris Farhi, Head of Insights, Data & Consulting, Bayleys
Who is buying
- Lifestyle-led individuals and families
- New Zealand-based and offshore buyers
What you pay
From US$3 million for a modern home on a lifestyle estate.
What to expect
Space, privacy and expansive views, combined with easy access to Queenstown.
Lake Como
Italy
EuropeFramed by the Alps and within easy reach of Milan and Switzerland, Lake Como has attracted international wealth for generations. – Isabella Foster, Italian Desk
Who is buying
- International families
- Milan-based business owners
- American and northern European buyers
What you pay
US$2 million to US$5 million for a three-bedroom apartment. US$14 million to US$18 million for a four or five-bedroom villa.
What to expect
Discretion, a slower pace of life, and enduring appeal.
St-Martin-de-Belleville
French Alps, France
EuropeDirect access to Les Trois Vallées ski area, combined with authentic alpine living and good connectivity to Geneva and Lyon. – Roddy Aris, Alpine Desk
Who is buying
- Lifestyle-led buyers drawn to a more discreet Alps experience
What you pay
From US$1.1 million for a three-bedroom apartment. From US$1.8 million for a four-bedroom chalet.
What to expect
A refined, authentic alpine community with a strong sense of place.
Upper East Side
Manhattan, New York, US
AmericasElegant pre-war buildings and classic townhouses, home to The Met and MoMA, plus high-end boutiques and private schools. – Adam Modlin, Founder & CEO, The Modlin Group
Who is buying
- Domestic and international buyers
What you pay
US$3,000 to US$7,000 per sq ft for a new condo or pre-war residence. US$2,500 to US$3,000 per sq ft for a townhouse in need of renovation. US$4,000 per sq ft for a turnkey residence.
What to expect
World-class culture, restaurants, private members’ clubs, and boutiques on pristine tree-lined blocks.
Silberküste
Zurich, Switzerland
EuropeStretched along the western shore of Lake Zurich, one of the city’s most discreet and established residential areas. – Alex Koch de Gooreynd, Swiss Desk
Who is buying
- Swiss families, senior executives and business owners
- US, UK and northern European buyers relocating as Swiss residents
What you pay
From US$1.9 million for a two-bedroom apartment. From US$25 million for a prime waterfront villa.
What to expect
A refined, understated lifestyle centred on swimming, sailing and dining.
Chelsea
London, UK
EuropeTudor, Georgian and Victorian architecture that has evolved naturally, with former artists’ studios sitting alongside townhouses and mews. – Stuart Bailey, Head of Super Prime London Sales
Who is buying
- Domestic buyers
- Diverse overseas buyers
What you pay
From US$875,000 to US$2.7 million for a two-bedroom apartment. From US$2.7 million to US$5 million for a three-bedroom house. From US$7.4 million to US$13.4 million for a larger family home.
What to expect
Genteel bohemian energy in a traditional residential area with beautiful architecture.
Geelong
Victoria, Australia
Asia-PacificGeelong’s waterfront has emerged as a sought-after neighbourhood, with investment boosting cultural opportunities and connectivity. – Michelle Ciesielski, National Head of Research, McGrath
Who is buying
- Melbourne lifestyle movers, professionals, and retirees
- Investors seeking coastal areas
What you pay
From US$1.5 million for a modern two-bedroom waterfront apartment. From US$2 million for a four-bedroom detached home close to the bay.
What to expect
Expansive views across Corio Bay and a vibrant, walkable foreshore.
Pacific Palisades
Los Angeles, US
AmericasTucked between the Santa Monica Mountains and the Pacific Ocean, with hiking trails, coastline views and soft sandy beaches. – Nick Segal, Managing Broker, Carolwood Estates
Who is buying
- Homeowners rebuilding after 2025’s wildfires
- Newcomers looking to join the community
What you pay
From US$2,000 to US$2,500 per sq ft for a property in the area. From US$10 million to US$25 million for an estate.
What to expect
Proximity to the beach, soft breezes, and magnificent ocean views.
Where The Super Rich Are Fleeing
Tax law changes have driven a migration of wealthy residents. In the United States, a proposed billionaires tax in California has led founders like Mark Zuckerberg, Larry Page, Peter Thiel, Ken Griffin and Sergey Brin to leave the state in favor of Miami, where they’ve all bought homes costing between $18 and $170 million. In the United Kingdom, the abolishment of non-domicile tax status (which previously allowed non-citizen residents to only pay British taxes on the money they earned in the country) has driven out billionaires like shipping magnate John Fredriksen, Christian Angermayer and Nassef Sawiris, who owns Aston Villa. According to residency firm Henley & Partners, the U.K., China, India, South Korea, Russia and Brazil are losing wealthy residents faster than any other countries for a variety of reasons including tax law, political instability, war and the search for a higher quality of life.
What Else Are Rich People Buying?
The ultra wealthy are putting their extra spending money toward luxury watches and ultra-collectable artworks—mostly from impressionist, modern and post-war painters—and spending less on rare whiskey, fine wine and contemporary art, according to Knight Frank’s report. Knight Frank’s Luxury Investment Index showed the collectables market stabilized in 2025 after two years of losses, and a revival of luxury art sales was driven largely by the sale of Gustav Klimt’s “Portrait of Elisabeth Lederer,” which was expected to sell for $150 million according to Sotheby’s estimates but instead fetched a staggering $236.3 million. While investors splurged on paintings by Klimt, Vincent Van Gogh, Claude Monet and Edvard Munch, they stopped spending on expensive whiskey, fine wine and antique cars. The Historic Automobile Group International (HAGI) Top 50 Index recorded a 3.7% decline in 2025 as the global classic car market sank and the London International Vintners Exchange declined 2.5% last year, down more than 24.7% since 2022.
This article was originally published on forbes.com and all figures are in USD.
Want to see more Forbes articles on your feed? Tap here to make Forbes Australia a preferred source on Google.
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
