Dubai Keeps Top Spot for $10 Million-Plus Home Sales as Hong Kong Leads on Value

Knight Frank's Global Super-Prime Intelligence report counted 86 such sales in Dubai between July and September, worth $1.57 billion, ahead of Hong Kong with 78 and New York with 62. Hong Kong's sales were worth $1.58 billion, the first time it has led on value since the second quarter of 2022.

The figures show the top of Dubai's housing market slowing after an exceptional start to the year. Dubai's super-prime sales dropped 34% by number and 28% by value from the second quarter, the lowest volume since the third quarter of 2024. Against the same quarter last year, transactions were down 16% and value 21%. Knight Frank said the second consecutive quarterly decline confirmed that the pace of early 2026 had eased.

Dubai's lead over a longer period is still wide. In the 12 months to September the city recorded 525 super-prime sales worth $9.25 billion, well ahead of second-placed Hong Kong with 346 sales worth $6.65 billion. The city's luxury segment has been supported by an inflow of wealthy residents, and consultancy CBRE said in a recent report that high-end locations are outperforming the rest of the market.

"Super-prime activity slowed in the third quarter, but the more significant story is a shift in leadership," said Liam Bailey, global head of research at Knight Frank. "Hong Kong edged past Dubai on value for the first time in four years, and Sydney posted a record quarter."

Hong Kong's sales fell 16% by number from the second quarter, but were 39% higher by number and 52% higher by value than a year earlier. Sydney had the strongest quarter in the index, with sales more than doubling to a record 57 and value rising 77% to $724 million. New York was one of the few large markets to improve, with 62 sales worth $1.08 billion, up 9% and 11% from the previous quarter.

London's sales eased to 42 and their value halved to $722 million, as the very large deals of the second quarter were not repeated. Los Angeles recorded 18 sales, its lowest total since the series began.

Across the 12 markets Knight Frank tracks, there were 470 super-prime transactions in the third quarter, down 19% from a revised second-quarter total and 2% from a year earlier. Their value was $8.7 billion, 18% lower than in the second quarter but 1% higher than a year ago. Asia-Pacific markets accounted for 38% of sales, up from 29% in the previous quarter, while US volumes fell 30%.

Over the 12 months to September, the tracked markets recorded 2,240 super-prime sales worth $41 billion, broadly unchanged from the 12 months to June. Knight Frank said the depth of Hong Kong's recovery would be one of the main themes to watch in 2027.