Dubai stayed ahead of every other city in the world for the count of $10 million‑plus residential sales during the third quarter of 2026, even as the market showed a noticeable cooling. Knight Frank’s Global Super‑Prime Intelligence report logged 86 such transactions in Dubai, totalling $1.57 billion.
Hong Kong followed closely with 78 sales, while New York posted 62. Over the twelve‑month period to September, Dubai’s super‑prime activity summed to 525 deals worth $9.25 billion, outpacing Hong Kong’s 346 sales and $6.65 billion in value.
Activity dipped sharply in Q3.
The number of Dubai’s sales fell 34% and the dollar value slipped 28% compared with the second quarter, hitting the lowest volume since Q3 2024. Year‑on‑year, transactions were down 16% and value down 21%.
Knight Frank said the consecutive quarterly decline confirmed that the rapid pace seen early in 2026 had eased.
Despite the slowdown, Dubai’s luxury market continues to benefit from an influx of millionaires and ultra‑rich individuals, according to the consultancy.
CBRE’s latest analysis echoed the trend, noting that high‑end and luxury segments are outperforming lower‑priced communities.
Hong Kong narrowly overtook Dubai on total value, posting $1.58 billion versus Dubai’s $1.57 billion – the first time Hong Kong led on value since the second quarter of 2022.
Hong Kong’s sales fell 16% by number from Q2, yet were 39% higher than a year earlier and its value jumped 52% year‑on‑year.
“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.
Across the 12 markets tracked, 470 super‑prime transactions occurred in Q3, down 19% from the revised Q2 total and 2% from a year earlier. The combined sales value reached $8.7 billion, an 18% quarterly decline but a modest 1% increase over the previous year.
Sydney delivered the standout performance, more than doubling its sales to a record 57 and lifting value by 77% to $724 million. New York was one of the few major markets to improve, posting 62 sales worth $1.08 billion, up 9% and 11% respectively from Q2.
London’s sales slipped to 42, while the total value halved to $722 million after a strong Q2. Los Angeles recorded just 18 sales, its lowest count in the series.
Asia‑Pacific markets accounted for 38% of Q3 sales, up from 29% in Q2, whereas US volumes fell 30%.
Globally, the twelve‑month period to September saw 2,240 super‑prime sales worth $41 billion, roughly matching the twelve‑month total to June. Knight Frank flagged the depth of Hong Kong’s recovery as a key theme to watch in 2027.
