Who’s Winning in High-End Real Estate Right Now: The 2026 Christie’s Breakdown

Not every luxury market is moving the same direction in 2026. Christie’s International Real Estate’s Global Luxury Perspectives report, published last month, makes that clear through its market-by-market breakdown of the Prime Sentiment Index — and the divergence is sharp enough that the aggregate number tells only part of the story.

The composite PSI landed at 14.4, down from 15.6 in 2025, with a buyer demand component that fell from 37.7 to 29.3 and a price outlook component that edged higher, from 13.8 to 14.0. Those are the headline figures. The market-level data is where the winners and laggards separate.

New York City improved on every PSI component. The trophy-condo segment — the $10 million and above tier in neighborhoods like Hudson Yards, the West Village, and Park Avenue — posted the clearest price gains of any US market tracked. The Hamptons held flat. Naples, Florida and Vail Valley registered the sharpest US declines, a direct consequence of new construction completions arriving in markets that had been undersupplied since 2020. Both markets surged during the pandemic-era lifestyle migration and are now absorbing the supply that migration prompted.

International: Dubai and Singapore Lead

In the international market above $10 million, Dubai and Singapore are the clear winners — they gained share in cross-border transactions at the expense of Aspen and the Hamptons. That rotation reflects a shift in where ultra-high-net-worth capital perceives favorable conditions: tax efficiency, infrastructure quality, and geopolitical stability that the Gulf and Southeast Asia are delivering more consistently than traditional US resort destinations right now.

Mexico City and Lisbon posted the strongest broad improvement of any international markets in Christie’s 2026 survey. Both have attracted significant demand from North American and Northern European buyers seeking residency access and relative value at the top of their local markets. London and Paris held flat for a second consecutive survey cycle — their extended underperformance points to currency dynamics and political risk premiums that are not resolving quickly.

What the Brokers Are Doing

Christie’s affiliated listing desks have not cut asking prices on trophy properties in response to the PSI step-down. Bid-ask spreads have tightened rather than widened. Closing velocity has steadied. The broker network’s early read on Q3 is that the pattern continues: the winning markets keep winning, the laggards absorb their supply, and the aggregate settles around the equilibrium that Christie’s is describing. October’s PSI will confirm or challenge that read with actual transaction data.

Source: Christie’s Prime Sentiment Index Slips to 14.4 as Luxury Housing Rebalances