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Palm Beach, near Mar-a-Lago, sees property prices skyrocket

By Cécilia Pelloux20 février 2025

Since Donald Trump's election victory in November, sales of luxury homes in Florida, by the ocean and near the president's property, have skyrocketed. The number of properties over $10 million under contract in Palm Beach has jumped 400% in one year.

The Colony Hotel in Palm Beach retains the chic and glamorous style that has characterised it since 1947, when it first opened during the post-war construction boom (The Colony)

While the average price of a house for sale is 20 million dollars, between 60 and 100 sales are made each year in Palm Beach.

Erin Sykes, founder of Sykes Properties

Palm beach, the ritzy Florida town, is an 18-mile (29 km) long barrier island between Lake Worth Lagoon on the west and the Atlantic Ocean on the east. The island counts approximately 9,000 year-round inhabitants and 2300 houses. At the end of the 19^th century, Palm Beach received its name from the "Providencia”, a Spanish shipwreck en route from Cuba to Spain loaded with coconuts. Early settlers recognized the opportunity for a new industry and decided to plant the coconuts throughout the island. Locals say that Palm beach has some of the tallest coconut palms in the United States.

Palm beach developed rapidly with the help of Henry Morrison Flagler, the co-founder of Standard Oil. The industrialist bought large plots of land in the area. His mission was to build a resort destination, and the local community began to settle while building hotels and businesses.

We have noticed an increase in the number of people from California after the fires. Many people are looking to maintain the same lifestyle in a warm climate, but in a state that is managed differently.

Brian Fairwearther, partner of the real estate agency The Agency

“Right now, Palm Beach is the most exclusive market in the country, even more exclusive than the Hamptons” explains Erin Sykes, the founder of Sykes Properties which serves the Golden Triangle of Palm Beach, Miami, New York City, The Hamptons and Jersey Coast. The nature of Palm Beach being a very small barrier island makes it even more exclusive. The average price of home to sell is 20 million, when the starting point is 15 million. “Typically, there are about 100 houses listed for sale on Palm Beach Island and 60-100 sales per year”, she explains. In 2024, The biggest sale was the 150 million private Tarpon Island, Palm beach only private island. This sale set the new record for lakefront properties in the area.

A view of Palm Beach. In the region, sales volume has exploded by more than 612%, reaching nearly 291 million dollars in 2024 (Shutterstock)

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Trump's election victory boosted property prices

Since the assassination attempt on the president, we have 24/7 security provided by the secret service for the five or six city blocks north of Mar-a-Lago.

Brian Fairwearther, partner of the real estate agency The Agency

Since Donald Trump’s November election victory, luxury home sales near the President-elect’s oceanside Florida estate have skyrocketed. “The Trump bump” as locals call it. - Palm Beach has seen a big influx of people that are coming whether they are renting for 90 days, or they are looking at buying houses” explains Brian Fairwearther, a partner at real estate The Agency. The number of $10 million-plus listings under contract in Palm Beach jumped by 400% year-over-year in November and December 2024, with sales volume exploding by more than 612% to nearly $291 million.

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