The ultra-rich went on a real estate buying binge at the end of last year, according to new data from the Knight Frank, a global real estate consultancy, cited by Mansion Global. The firm attributed the boom to a strong global economy, end-of-year gains in the S&P 500 and Nasdaq and the growing fortunes of the wealthy.
Sales of $10-million-plus homes (trophy homes) reached 558 transactions in a dozen major financial centers, up 30% from the previous year. Dubai recorded the most, while New York City followed with 87 purchases, almost twice as many as the previous year, Knight Frank reported.
