Madrid has emerged as the world’s strongest-performing luxury property market, according to the latest figures from London-based prime property brokerage Jefferies James.
The Spanish capital has recorded a remarkable 20.3% increase in high-end property prices over the past 12 months, topping a global ranking of 15 elite real estate markets tracked by the firm. The surge is attributed to strong domestic demand, a resilient economy, and renewed international interest in prime Spanish real estate.
In contrast, London, the traditional bellwether of the global luxury property sector, finds itself at the other end of the spectrum. The UK capital saw one of the weakest performances in the index, with values increasing by just 0.4% over the same period. While the city remains a magnet for international wealth, the figures suggest investors have adopted a wait-and-see approach amid ongoing economic adjustments and regulatory shifts in the UK housing market.
Dubai continues its upward trajectory, posting a 16.5% annual gain, bolstered by its appeal as a low-tax, high-lifestyle destination for wealthy expats and investors…
Dubai continues its upward trajectory, posting a 16.5% annual gain, bolstered by its appeal as a low-tax, high-lifestyle destination for wealthy expats and investors. Mumbai also saw a solid uptick at 6%, while New York and Singapore registered modest but stable increases of 4.2% and 3.9% respectively, both markets benefiting from resilient financial sectors and limited supply in their prime neighbourhoods.
Geneva, often considered a safe haven for global wealth, saw prices rise by 3.6%. However, performance across other established hubs was more subdued. Monaco and Los Angeles each saw growth just over 1%, while Vancouver, Berlin, and Sydney mirrored London’s flat-lining trend, all increasing by a mere 0.4%.
Notably, several high-profile cities have seen luxury home values fall over the past year. Paris saw a 3% decline, while Auckland prices dropped by 4.8%. Hong Kong – once a powerhouse of luxury property – has experienced the steepest annual decline among the cities tracked, with prices down 8.2%, underscoring ongoing political and economic pressures in the region.
Damien Jefferies, founder of Jefferies James, said the data paints a nuanced picture of the current market. “The global landscape currently presents a rather mixed bag with respect to property price performance,” he said. “While a handful of cities have seen a respectable rise in values, there’s a good proportion where the market has remained fairly muted, or declined.”
Yet, for discerning buyers, the current climate may represent an opportunity, says Jefferies. “We’re seeing a heightened degree of activity from luxury buyers who recognise that now is the time to act, particularly in markets like London where values have remained largely static.” Despite softer pricing, the capital remains one of the most desirable destinations for international investment. Many see this as a strategic moment to enter the market before conditions begin to improve.
As luxury buyers continue to adapt to a shifting global outlook, Jefferies James’ analysis suggests a realignment in what defines a hotspot. In 2025, the prestige of a market lies not just in its postcode, but in its promise of potential.
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The Luxe Review 
Madrid has emerged as the world’s strongest-performing luxury property market, according to the latest figures from London-based prime property brokerage Jefferies James.
The Spanish capital has recorded a remarkable 20.3% increase in high-end property prices over the past 12 months, topping a global ranking of 15 elite real estate markets tracked by the firm. The surge is attributed to strong domestic demand, a resilient economy, and renewed international interest in prime Spanish real estate.
In contrast, London, the traditional bellwether of the global luxury property sector, finds itself at the other end of the spectrum. The UK capital saw one of the weakest performances in the index, with values increasing by just 0.4% over the same period. While the city remains a magnet for international wealth, the figures suggest investors have adopted a wait-and-see approach amid ongoing economic adjustments and regulatory shifts in the UK housing market.
Dubai continues its upward trajectory, posting a 16.5% annual gain, bolstered by its appeal as a low-tax, high-lifestyle destination for wealthy expats and investors. Mumbai also saw a solid uptick at 6%, while New York and Singapore registered modest but stable increases of 4.2% and 3.9% respectively, both markets benefiting from resilient financial sectors and limited supply in their prime neighbourhoods.
Geneva, often considered a safe haven for global wealth, saw prices rise by 3.6%. However, performance across other established hubs was more subdued. Monaco and Los Angeles each saw growth just over 1%, while Vancouver, Berlin, and Sydney mirrored London’s flat-lining trend, all increasing by a mere 0.4%.
Notably, several high-profile cities have seen luxury home values fall over the past year. Paris saw a 3% decline, while Auckland prices dropped by 4.8%. Hong Kong – once a powerhouse of luxury property – has experienced the steepest annual decline among the cities tracked, with prices down 8.2%, underscoring ongoing political and economic pressures in the region.
Damien Jefferies, founder of Jefferies James, said the data paints a nuanced picture of the current market. “The global landscape currently presents a rather mixed bag with respect to property price performance,” he said. “While a handful of cities have seen a respectable rise in values, there’s a good proportion where the market has remained fairly muted, or declined.”
Yet, for discerning buyers, the current climate may represent an opportunity, says Jefferies. “We’re seeing a heightened degree of activity from luxury buyers who recognise that now is the time to act, particularly in markets like London where values have remained largely static.” Despite softer pricing, the capital remains one of the most desirable destinations for international investment. Many see this as a strategic moment to enter the market before conditions begin to improve.
As luxury buyers continue to adapt to a shifting global outlook, Jefferies James’ analysis suggests a realignment in what defines a hotspot. In 2025, the prestige of a market lies not just in its postcode, but in its promise of potential.
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