Los Angeles is home to 5,507 UHNWIs, the third largest concentration of any city globally. It has recorded 10 consecutive years of price growth according to Knight Frank’s Prime International Residential Index (PIRI 100) with luxury prices rising 7.6% in 2020. Despite the strong sales rates, the average sale price dipped from US$20 million to US$17 million.
Los Angeles’s ultra-prime market (US$25 million+) known for its strong international bias was hampered by the global travel ban yet still saw 16 sales agreed with an average sale price of US$35 million. Los Angeles ranks highly in Knight Frank’s innovation-led cities Index which confirms that the city is one of the most liquid real estate markets globally, second only to New York and it scores highly for innovation due to its quality of academic research, funding and entrepreneurship.