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Peggy Ye

Hong Kong has significantly narrowed Dubai’s lead as the world’s top market for “super-prime” residential property in recent months, as rising conflict weighs on activity in the Middle East market, according to Knight Frank.
Dubai retained first place for deals involving homes sold for US$10 million or more in the second quarter of the year, with 131 sales worth a combined US$2.17 billion, but the total value of those transactions fell 27 per cent compared with the previous quarter.
Hong Kong, meanwhile, recorded 93 transactions worth US$1.67 billion, according to Knight Frank’s Global Super-Prime Intelligence report published on Thursday.
Though the value of deals in Hong Kong declined 9 per cent, that still led Dubai’s lead over the city to shrink by more than half: from US$1.13 billion to US$498 million, the report showed.
The volume of deals in Hong Kong also surged 75 per cent from a year earlier, while Dubai’s slipped 8 per cent, Knight Frank added.
Mainland Chinese buyers have been central to a recent rebound in luxury home sales in Hong Kong, focusing on trophy assets in prestigious areas such as The Peak, according to a report by Centaline Property in July.
“For now, Dubai remains the global leader, but Hong Kong’s recovery is increasingly well established,” said Liam Bailey, global head of research at Knight Frank.
The broader super-prime market, however, remains under pressure.
Globally, 572 transactions worth US$10 million or more were recorded in the April-to-June period, down 7 per cent from the first quarter and 6 per cent from a year earlier. The total value of those sales reached US$10.5 billion.
Knight Frank said Dubai’s weaker quarterly performance did not materially change its position at the top of the global super-prime market.
“Nevertheless, the second-quarter result provides confirmation of the impact of current regional geopolitical instability,” the report noted.

Data from Centaline suggests that deals for properties priced at HK$100 million ($12.8 million) or above have accelerated in Hong Kong over recent months, as the luxury market rapidly recovers from a years-long slump.
By the end of June, the number of deals for such luxury properties so far this year had already exceeded 85 per cent of the total recorded for the whole of 2025, according to Centaline.
Trophy homes in sought-after developments can still command nine-figure prices, even as individual properties continue to sell at discounts.
Hong Kong’s overall luxury property market has slowed in the second half amid external headwinds, including Chinese tax changes and tighter capital controls.
With several developers claiming the policies have not had a major impact, firms are capitalising on the rebound by releasing inventory previously withheld during the downturn.
High-profile deals recorded through August and September include K&K Property’s One Stanley, while CK Asset launched a new 10-unit tender at 21 Borrett Road on Thursday, having reaped over HK$2.5 billion from 14 prior sales since June.
Yet broader macro headwinds persist. Although major banks in Hong Kong chose not to follow the US Federal Reserve in raising interest rates earlier this month, the upward trajectory of rates could potentially weigh on the broader market in the coming months.
Property agents say owners in prime neighbourhoods are taking a wait-and-see approach, inviting private offers rather than setting formal asking prices.


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Dubai remains the world’s top market for luxury homes worth at least US$10 million, but Hong Kong has closed the gap fast, according to Knight Frank


Dubai remains the world’s top market for luxury homes worth at least US$10 million, but Hong Kong has closed the gap fast, according to Knight Frank.


Hong Kong catching up with Dubai in ‘super-prime’ property sales amid Iran war

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Dubai remains the world’s top market for luxury homes worth at least US$10 million, but Hong Kong has closed the gap fast, according to Knight Frank

Dubai remains the world’s top market for luxury homes worth at least US$10 million, but Hong Kong has closed the gap fast, according to Knight Frank