Knight Frank: Dubai recorded 500 ultra-luxury home transactions last year, setting a new annual high; the Hong Kong luxury property market is expected to strengthen further

Knight Frank released the latest "Global Super Prime Residential Report," which explores the sales performance of residential properties priced over $10 million in 12 major global markets. In the 12 markets covered by the report, there were 555 transactions over $10 million recorded in Q4 2025, representing a quarterly increase of 17%, with a total transaction value of $10.3 billion, up 20% quarter-on-quarter. The super prime markets in Dubai, Hong Kong, Sydney, and Miami saw active trading, with strong quarterly growth and an average transaction value slightly rising to $18.6 million.

The report noted that Dubai reaffirmed its market leadership, ranking first in Q4 2025 with 143 transactions and a total value of $2.5 billion, reflecting year-on-year increases of 39% and 27%, indicating strong trading activity at the end of the year.

During the period, Hong Kong's super prime quarterly transaction volume and value rose to second place globally, involving 81 transactions totaling $1.57 billion, continuing its rebound momentum for two consecutive quarters. New York and Los Angeles recorded 57 and 63 transactions, respectively, with transaction values of $1.13 billion and $1.1 billion, both showing moderate increases compared to Q3.

Based on last year's overall performance, Dubai achieved 500 transactions, setting a new annual record, more than three times that of London during the same period. New York rebounded from its low in 2023 to 326 annual transactions, while Hong Kong's super prime transactions continued to rise to 232, and London fell to fifth place with 161 transactions, contrasting sharply with its top position in 2022.

Liam Bailey, Head of Global Research at Knight Frank, stated that Dubai recorded a record-breaking year, reflecting its success in attracting significant wealth inflows over the years and the impact of new super prime supply.

Liu Wenhua, Senior Director and Head of Residential Property at Knight Frank, added that Hong Kong's luxury property market is warming up, with recent transactions continuing to rise. The super prime segment recorded 81 transactions in Q4 last year, the highest since the end of 2021, and the momentum has continued into this year. Looking ahead to 2026, the luxury property market is expected to strengthen further, benefiting from improved market sentiment, stable demand from affluent buyers, and limited super prime supply