Singapore has emerged as the world’s most supply-rich trophy home market, according to new analysis published by international mortgage broker Enness Global.
The firm surveyed open-market residential listings priced above US $10 million across 13 major wealth hubs, finding that Singapore accounts for 5.2% of all such listings – more than any other city in the study, and comfortably ahead of the next-ranked market.
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To build the dataset, Enness canvassed the primary public-facing property portals in each city for open-market listings above $10 million, including PropertyGuru (Singapore), Zillow (New York), PropertyFinder (Dubai) and Rightmove (London), and equivalent platforms across Hong Kong, Sydney, Lisbon, Madrid, Paris, Berlin, Toronto, Cape Town, and Rome.
Total active listings were tallied alongside those meeting the $10 million threshold, generating a trophy home concentration figure for each market.
It’s worth noting that despite Singapore’s runaway lead, this data may also highlight a structural difference in how luxury property is marketed globally — with cities such as London and New York often seeing more trophy homes transact off-market privately, rather than through public portals; this could skew the appearance of how supply-constrained they are in reality.
Singapore streets ahead in terms of super-prime supply
The gap between Singapore and the rest of the field is stark.
New York ranks second with 1.2% of the 13-city total, followed by Dubai at 1.0%. London sits just outside the podium in fourth place at 0.8%, ahead of Hong Kong (0.7%) and Sydney (0.5%).
European capitals – Lisbon, Madrid, Paris, and Rome – cluster toward the lower end of the table, each posting trophy home concentrations between 0.1% and 0.4%.
In absolute terms, Singapore’s lead is driven partly by the sheer weight of stock on its portal: of 51,763 total residential listings recorded on PropertyGuru at the time of the survey, 2,679 were priced above S$12.7 million (the local-currency equivalent of US $10M).
Dubai’s PropertyFinder showed a much larger overall market – 145,271 listings – but 1,511 of those cleared the AED 36.7 million threshold.
London’s Rightmove data returned 424 qualifying listings out of 55,646 total residential properties, reflecting the capital’s position as a high-value but relatively constrained super-prime market.
How UHNWs are adopting a multi-city strategy
Islay Robinson, CEO of Enness Global, framed the findings in the context of how UHNW buyers are increasingly approaching real estate as a multi-city strategy rather than a single-market commitment.
“For these buyers, property ownership is rarely limited to a single country,” Robinson said. “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.”
On the UK capital specifically, Robinson gave a measured assessment: “While London remains one of the world’s most desirable trophy home destinations, other global cities – particularly Singapore – currently offer greater availability relative to overall market size.
However, demand for prime London property remains exceptionally strong, and the capital continues to be viewed as a cornerstone market for global wealth.”
A critical moment for the global super-prime landscape
The data lands at a moment when several forces are reshaping the competitive landscape for super-prime capital.
Singapore has absorbed significant inflows of UHNW relocations over the past three years, driven by its political stability, tax regime, and connectivity to Southeast Asian growth markets.
These are factors that have both raised local price floors and attracted fresh inventory onto its portals.
Dubai’s continued momentum, reflected in its third-place ranking despite a much larger overall market, speaks to the depth of developer supply at the upper end and persistent international demand from European, South Asian, and – more recently – American buyers.
A new dimension to London’s constrained supply
London’s fourth-place position is unlikely to rattle confidence in the capital’s long-term appeal, but it does add a fresh data point to an ongoing debate about constrained super-prime supply in prime central London.
With relatively few trophy-grade listings on open-market platforms at any given time, the city’s top tier has long been characterised by off-market transactions and limited publicly visible stock – a dynamic that may itself inflate perceived scarcity.
Whether Singapore’s lead reflects genuine market depth or the structural openness of its portal culture is a question the data alone cannot resolve.
