News for kind ears: luxury residential markets around the world are defying expectations once again, it would seem.
According to data from Knight Frank, super-prime sales – transactions above US$10 million – jumped by a third in the past year across 12 major global cities, underscoring the strength and resilience of the top end of the property market.
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Knight Frank counted 590 super-prime transactions in the second quarter of 2025, up 19% year-on-year (YoY) from 497 in Q2 2024. The total value of those deals climbed even faster, reaching $11.8 billion, a 33% increase from $8.9 billion a year earlier.
“The global super-prime market continues to surprise on the upside,” says Liam Bailey, Global Head of Research at Knight Frank. “Dubai holds its lead, but New York’s resurgence and strong rebounds in Los Angeles and Hong Kong highlight the depth and diversity of demand. Looking ahead, while investors will need to navigate a more complex macroeconomic environment, we expect momentum to be sustained.”
Dubai Extends Its Lead
Dubai retained its position as the world’s leading market for super-prime residential transactions in Q2. The emirate has dominated this sector for the past two years, fuelled by a combination of zero property tax, global investor appetite, and the continued inflow of high-net-worth individuals.
Its relative affordability on a price-per-square-foot basis compared to London, New York or Hong Kong continues to draw international buyers. This, combined with a steady flow of ultra-luxury new build product – particularly along the Palm Jumeirah, Downtown, and Dubai Hills – has cemented its global top-spot.
New York’s Trophy Market Roars Back
New York made a notable comeback in Q2, reclaiming the No.2 position for the first time since late 2021. The city’s top-end condo and townhouse market saw a flurry of high-value transactions, reflecting renewed confidence from both domestic and international buyers.
A strong dollar, a stabilising interest rate environment and pent-up demand for trophy assets – especially on the Upper East Side, in Tribeca, and around Central Park – helped fuel the rally.
While pricing remains well above pre-pandemic levels, several sellers have become more pragmatic, creating opportunities for ultra-wealthy buyers seeking best-in-class product in prime Manhattan locations.
Los Angeles Hits Highest Sales Volume Since 2021
Los Angeles also posted its strongest quarter since Q1 2021, driven primarily by an upswing in top-end single-family home sales across Beverly Hills, Bel Air and Malibu.
California’s so-called “mansion tax” initially cooled activity at the ultra-prime level, but the market appears to have adjusted, with buyers focusing on rare, best-in-class properties.
The data suggests a shift toward longer-term holding strategies, with international investors viewing prime Californian real estate as a secure store of value amid ongoing geopolitical volatility.
Hong Kong Rebounds
Hong Kong also saw a notable year-on-year rise in both the number and total value of $10mn+ transactions, reversing a multi-quarter slowdown.
While the city has faced economic headwinds in recent years, super-prime activity has been buoyed by a combination of currency stability, ultra-limited supply in areas like The Peak and Mid-Levels, and strategic buying from ultra-high-net-worth families in the wider Asia-Pacific region.
The rebound underlines Hong Kong’s continued role as a key financial and real estate hub for global wealth.
Momentum in a Complex Macro Landscape
Knight Frank’s latest figures highlight how resilient the super-prime sector has been despite higher borrowing costs and a shifting macroeconomic backdrop. For buyers in this segment, factors such as lifestyle, asset diversification and long-term capital preservation often outweigh short-term rate movements.
Demand is also increasingly global and mobile. Dubai, New York, Los Angeles and Hong Kong may have led the way in Q2, but Knight Frank notes that several other markets – including London, Paris and Sydney – have seen steady activity levels, even if they did not post headline-grabbing spikes.
The continued strength of this market reflects broader shifts in global wealth flows. As capital remains highly concentrated at the top end, prime real estate continues to act as both a safe haven and a status asset for the world’s wealthiest individuals.
“We’ve seen extraordinary depth in the demand base,” Bailey adds. “This is not just about a handful of markets – it’s a global phenomenon.”
