Safe-haven hubs Dubai, Hong Kong, New York and Singapore are the standout global performers for ultra-prime real estate transactions exceeding US $10 million, collectively accounting for nearly 60% of all super-prime purchases worldwide, Knight Frank’s latest research reveals.
Despite geopolitical unrest and larger borrowing bills, 636 $10m+ transactions were recorded in the first quarter of 2026 across the 12 markets tracked, up 14% from the previous year.
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Dubai ranked first for ultra-high-end deals globally, recording 193 transactions worth an estimated $3.43 billion in the first four months of the year. Transaction volumes increased 35% quarter-on-quarter and 74% year-on-year.
Dubai’s top-end resilience in face of geopolitical unrest
The figures act as a litmus test for the emirate’s resilience in the face of regional conflict, buoyed by a spate of record super-prime land transactions on ultra-exclusive man-made islands, pointing to an all-weather appetite for Dubai trophy homes.
Back in April, just weeks into the US-Iran conflict, a Dh377 million plot ($102.7 million), valued at around Dh11,000 per square feet set a new Dubai land benchmark for a single plot at the time, proving the market’s lightning velocity and competitiveness when it comes to securing Dubai’s legacy assets.
Hong Kong, which is seeing colour return to the highest rungs of the real estate market, ranked second globally with 94 sales worth $1.84 billion. Transaction volumes and values rose 16% and 17% QoQ, respectively, reflecting the market’s continued thaw after a multi-year slump.
Hong Kong key beneficiary of Middle East wealth flight
Demand for Hong Kong’s trophy homes from local and mainland China’s growing billionaire classes has been buoyed by wealth cycling out of the Middle East and towards more ‘neutral’ wealth hubs such as Hong Kong and Singapore.
In February 2026, the Hong Kong government raised the stamp duty on sales of homes over HK$100 million ($12.8 million) in value from 4.25% to 6.5%.
However, analysts believe this will have only a limited impact on the city’s ultra-luxury residential market. They forecast a possible short-term dip in transaction volume, but more on the broader primary sales market.
“Looking ahead, continued capital rotation, rising participation from mainland Chinese buyers and improving liquidity are expected to continue to support the luxury residential market this year,” noted Eddie Kwok, the Executive Director, Valuation & Advisory Services of CBRE Hong Kong.
Knight Frank’s William Lau said: “Demand from high-net-worth individuals remains robust, particularly for scarce and well-located luxury residences.
“Supported by ongoing capital inflows, a more stable interest rate environment and Hong Kong’s unique advantages as an international financial center, we expect demand for premium residential assets to remain healthy”.
In July, a flagship penthouse mansion owned by Hong Kong’s richest man Li Ka-shing’s property development firm CK Asset Holdings sold for HK$362 million (US $46.2 million), setting a per-square-foot price record for first-hand transactions in 2026.
New York’s ultra-prime market's “renewed strength”
New York, which saw the introduction of a new luxury pied-à-terre tax on residential property that does not serve as a primary residence from July 1, ranked third with 90 transactions worth $1.67 billion across the same period, representing a 58% QoQ increase in transaction volume and 48% rise in transaction value.
Liam Bailey, Global Head of Research at Knight Frank, said that “New York showed renewed strength”, confirming that “global private capital remains highly active where liquidity, lifestyle and long-term confidence align”.
Singapore completes quartet of robust global markets
Completing the quartet of the world’s most robust super-prime residential markets is Singapore which reportedly recorded solid growth, with 42 sales in Q1 2026, up 31% QoQ, with transaction values remaining stable at $624 million.
Over the 12 months to Q1 2026, Dubai recorded 581 super-prime sales, compared with 341 in New York and 284 in Hong Kong. Dubai also led by value with $10.55 billion in annual transactions.
The report tracks publicly available residential transactions valued at $10 million or more across 12 international markets, with US market data provided by Miller Samuel.
