Transactions in the global super-prime real estate market – $10 million-plus – slowed in the third quarter as a thinner pipeline moderated deal flow, per a new report.
Across real estate firm Knight Frank’s 12 key markets, it tracked 474 transactions, down 21 percent quarter-on-quarter, with an aggregate sales value of $8.5 billion, down 29 percent. Dubai retained its global lead by both deal count and value, while New York and Los Angeles remained the next largest markets.
“Quarterly volatility is a feature, not a bug, of the super-prime segment,” said Liam Bailey, global head of research at Knight Frank, London, in the third-quarter 2025 edition of Knight Frank’s Global Super-Prime Intelligence report.
“Q3’s slower print follows a surge in Q2 and reflects politics (New York), taxes (London) and limited stock (Dubai) conspiring to weigh on activity,” he said.
“Despite this, the 12-month totals remain robust and are surpassed only by the post-COVID surge in 2021, pointing to long-term resilience.”
Per Mr. Bailey, quarterly volatility is a feature of the super-prime segment.
The quarter's slower print follows a surge in the second quarter and reflects politics (New York), taxes (London) and limited stock (Dubai) conspiring to weigh on activity.
Strong results in the first six months of the year lifted the annual total to 2,185 sales, the highest since the post-pandemic boom in 2021, when there were 2,328 sales.
The total value of sales over the past twelve months reached $40.4 billion, per the report.
Lower-ticket trades
Despite a 28 percent fall in sales compared to the previous quarter, Dubai remained number one in both sales volume and value, with 103 transactions totaling $2 billion, Mr. Bailey pointed out.
New York ranked second by deal count (74, -38 percent quarter on quarter) and third by total value ($1.19 billion, -59 percent QoQ), reflecting a much quieter summer ahead of the mayoral election following an exceptionally strong spring market.
Los Angeles recorded 64 deals worth $1.25 billion, with fewer top-tier single-family transactions and a notably lower average price than last quarter.
Hong Kong’s market has been rising steadily over the past two quarters, recording 56 sales (+6 percent QoQ), with total value nudging higher to $1.04 billion (+4 percent QoQ), per the report.
Singapore posted the quarter’s sharpest gain in transactions (36, +44 percent QoQ), with an aggregate value of $669 million, up almost 50 percent on the quarter, pointing to a skew toward lower-ticket trades.
London saw volumes fall back noticeably (36 deals, -31 percent QoQ) as ongoing speculation around property taxes from the U.K. Treasury over the summer weighed on sentiment, ironically depressing stamp duty receipts at the same time.
Among the U.S. Sun Belt and West Coast markets, Orange County was broadly steady (33 deals, -3 percent QoQ), Miami softened again (22 deals, -12 percent QoQ) and Palm Beach saw the sharpest pullback (6 deals, -81 percent QoQ).
Sydney’s market echoed the strength seen across Australia, with 33 deals (+14 percent QoQ), per Knight Frank.
Please click or tap here to download Knight Frank’s Global Super-Prime Intelligence report.
{"ct":"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","iv":"92dd9bad764f7aba7afcf0c15a2d8f92","s":"8765a9bdef0ee990"}
