Global trophy hunt: Singapore is the new capital for $10 mn+ real estate

Singapore ranks top globally, with 5.2% of all homes currently listed for sale qualifying as trophy properties, highlighting the city-state's exceptional depth of luxury housing stock.

Singapore has emerged as the world’s leading destination for ultra-luxury residential real estate, offering the highest share of “trophy homes” among major global property markets, according to new research from Enness Global.

 

The study analysed property listings across 13 global cities popular with high-net-worth (HNW) property buyers, measuring what proportion of homes currently on the market are valued at $10 million or more — the threshold typically used to define trophy properties.

 

These ultra-prime homes represent the top tier of global real estate ownership, often characterised by exclusive locations, landmark architecture and limited supply. For wealthy investors, such properties are not just lifestyle purchases but also long-term wealth preservation assets and status symbols, often forming part of diversified international property portfolios.

 

 

Singapore leads the global trophy home supply

 

According to the research, Singapore ranks first globally, with 5.2% of all homes currently listed for sale qualifying as trophy properties, far ahead of other international markets.

 

The city-state’s top ranking highlights sustained demand from global investors, family offices and wealthy entrepreneurs seeking politically stable, high-quality real estate assets.

 

New York and Dubai complete the top three

 

The report places New York City in second place, where 1.2% of active property listings meet the $10 million trophy home threshold.

 

Despite the lower share compared with Singapore, New York remains one of the most established ultra-prime property markets, attracting wealthy buyers from across the world seeking residences in Manhattan’s luxury towers and historic townhouses.

 

Dubai ranks third, with 1.0% of listings qualifying as trophy homes, underlining the emirate’s rapid rise as a global luxury property destination.

 

Over the past few years, Dubai has seen strong inflows of international wealth, with ultra-luxury villas and branded residences attracting buyers from Europe, Asia and the Middle East.

 

London remains a cornerstone wealth market

 

London ranks fourth globally, with 0.8% of homes currently on the market classified as trophy properties, placing the city just outside the top three.

 

While the share of ultra-prime homes is smaller compared with Singapore, London continues to play a central role in the global wealth landscape, with prime neighbourhoods such as Mayfair, Knightsbridge and Belgravia remaining key destinations for international buyers.

 

Hong Kong follows in fifth place, where 0.7% of listings fall within the trophy home category, while Sydney ranks sixth with 0.5%.

 

European markets offer limited trophy stock

 

Across Europe, the proportion of trophy homes available on the market is significantly smaller.

 

Lisbon ranks seventh globally, with 0.4% of listings valued at $10 million or more, followed by Madrid at 0.3%.

 

Other major cities show even lower availability of ultra-prime homes. Paris, Berlin, Toronto, Cape Town and Rome each record just 0.1% of listings qualifying as trophy properties, highlighting the relative scarcity of such assets in those markets.

 

The lower share often reflects larger mid-market housing segments or stricter historic preservation rules, which can limit the development of new ultra-luxury properties.

 

Trophy homes as a global wealth strategy

 

According to Islay Robinson, CEO of Enness Global, trophy properties remain an important component of wealth planning for global high-net-worth individuals.

 

“Trophy homes sit at the very top of the global property ladder and play an important role in the wealth strategies of many high-net-worth individuals,” Robinson said.

 

“For these buyers, property ownership is rarely limited to a single country. Instead, we see clients building international portfolios spanning cities such as London, New York, Dubai and Singapore, allowing them to combine lifestyle flexibility with long-term investment security.”

 

Global investors increasingly view luxury property not just as a residence but as a store of wealth and hedge against economic uncertainty, particularly in politically stable financial centres. 

Analysis based on active listings and trophy home values equivalent to $10m USD in local currency.

 

Diversified global property portfolios

   

High-net-worth individuals increasingly spread real estate holdings across multiple global hubs — including London, New York, Singapore and Dubai — balancing lifestyle preferences with investment diversification.

 

Such portfolios allow buyers to gain exposure to different currencies, economic cycles and regulatory environments, while maintaining access to prime global cities.

  

The report notes that while London remains one of the world’s most desirable trophy home destinations, the relative availability of ultra-prime properties varies widely across cities.

 

Singapore currently offers greater supply relative to market size, while markets such as Paris or Rome remain more constrained.

 

However, demand for prime property in global financial centres continues to remain strong.

 

“London continues to be viewed as a cornerstone market for global wealth,” Robinson said, noting that the city’s cultural influence, financial ecosystem and global connectivity continue to attract international buyers.