Dubai remained the world’s busiest super-prime residential market in the third quarter of 2026, retaining first place by number of $10 million-plus sales even as activity cooled sharply, according to Knight Frank.
The property consultancy’s Global Super-Prime Intelligence report shows Dubai recorded 86 such sales worth $1.57 billion in Q3, ahead of Hong Kong’s 78 and New York’s 62.
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Over the 12 months to September, Dubai recorded 525 transactions worth $9.25 billion, comfortably ahead of every other location in the index. Hong Kong was second with 346 sales worth $6.65 billion.
However, the latest quarter was weaker. Dubai’s sales fell 34 per cent by number and 28 per cent by value from the second quarter, taking volumes to their lowest level since Q3 2024. Compared with a year earlier, transactions were 16 per cent lower and value was down 21 per cent.
Knight Frank said a second consecutive quarterly decline confirmed that the exceptional pace of early 2026 had eased.
Dubai’s luxury property market has performed exceptionally well over the years due to inflow of millionaires and ultra-rich people.
Real estate consultancy CBRE also said in its latest report that high-end and luxury locations are outperforming other lower positioned communities.
Hong Kong edges ahead on value
Hong Kong narrowly overtook Dubai on aggregate value, with sales worth $1.58 billion against Dubai’s $1.57 billion. It was the first time Hong Kong had led on value since Q2 2022.
Hong Kong’s sales fell 16 per cent by number from Q2, but were 39 per cent higher by number and 52 per cent higher by value than a year earlier.
“Super-prime activity slowed in the third quarter, but the more significant story is a shift in leadership. Hong Kong edged past Dubai on value for the first time in four years, and Sydney posted a record quarter,” said Liam Bailey, Global Head of Research at Knight Frank.
Global picture
Across the 12 markets tracked, there were 470 super-prime transactions in Q3, down 19 per cent from the revised Q2 total and 2 per cent from a year earlier. Sales value reached $8.7 billion, down 18 per cent on the quarter but 1 per cent higher than a year ago.
Sydney delivered the quarter’s standout result, with sales more than doubling to a record 57 and value rising 77 per cent to $724 million. New York was one of few major markets to improve, with 62 sales worth $1.08 billion, up 9 per cent and 11 per cent respectively from Q2.
London’s sales eased to 42, but value halved to $722 million as the very large deals seen in Q2 were not repeated. Los Angeles recorded just 18 sales, its lowest total in the series.
Asia-Pacific markets accounted for 38 per cent of Q3 sales, up from 29 per cent in Q2, while US volumes fell by 30 per cent. Globally, the 12 months to September recorded 2,240 sales worth $41 billion, broadly in line with the 12 months to June. Knight Frank said one of the key themes to watch in 2027 would be the depth of Hong Kong’s recovery.
Source: Khaleej Times