Madrid Tops Global Property Price Rankings as London Sees Muted Growth

New research from Jefferies London, the Prime Central London brokerage, has revealed that Madrid currently leads the global luxury property market for price growth, while London has experienced one of the most modest rates of annual appreciation among global cities.

Jefferies London analysed residential property price data across 15 key international luxury markets, comparing annual growth figures to identify where performance has been strongest over the past year.*

Madrid ranks first, with prices rising 20.3% year-on-year. The Spanish capital is followed by:

• Dubai: +16.5%
• Mumbai: +6%
• New York: +4.2%
• Singapore: +3.9%

Other cities showing modest but positive growth include Geneva (+3.6%), Los Angeles (+1.3%), and Monaco (+1.1%).

However, London, alongside Vancouver, Berlin, and Sydney, recorded minimal growth of just 0.4%. Meanwhile, some global cities experienced a decline in property values, including:

• Paris: -3%
• Auckland: -4.8%
• Hong Kong: -8.2%

Damien Jefferies, Founder of Jefferies London, commented:

“The global landscape presents a mixed picture in terms of property price movement. While some cities have seen impressive annual appreciation, others — including global hubs like London and Berlin — have remained largely flat.

Rather than signalling weakness, this offers a compelling opportunity for international buyers, particularly in prime London, where value is holding but has not yet begun to climb. Many high-net-worth individuals are now making strategic acquisitions in anticipation of improved conditions and future growth.

London remains one of the most desirable destinations globally, and the current market pause is viewed by our clients not as a risk, but as a rare buying window.”

? Data Sources

*Data compiled from international sources, based on changes in property values (either in local currency or indexed values) between Q4 2023 and Q4 2024.
Full data tables and methodology are available upon request.

? About Jefferies London

Jefferies London is a boutique prime residential property brokerage focused on luxury real estate across Prime Central and South-West London. With a digital-first approach and over 100 years of combined industry experience, Jefferies London serves a global client base with tailored marketing and strategic advice.