Hong Kong ranks second globally for ultra-luxury home sales in Q4, Knight Frank says

Hong Kong’s ultra-luxury housing market rose to second place globally behind Dubai in the fourth quarter of 2025, with both transaction volumes and deal values jumping as the city’s high-end property sector continued to recover, according to Knight Frank.

Across the 12 global markets tracked by Knight Frank, a total of 555 US$10 million (HK$78 million) plus sales were recorded in the fourth quarter, up 17 percent from the previous quarter, while total deal value climbed 20 percent to US$10.3 billion.

The property consultancy said 81 super-prime homes were sold in Hong Kong during the quarter, with total transaction value reaching US$1.57 billion. That marked quarter-on-quarter increases of 45 percent in volume and 51 percent in value, extending a rebound that has lasted for two consecutive quarters.

Dubai retained its position as the world’s most active ultra-luxury housing market, posting 143 transactions worth US$2.5 billion, with volumes and values rising 39 percent and 27 percent respectively from the previous quarter.

New York and Los Angeles followed Hong Kong, recording 57 and 63 transactions respectively, with deal values of US$1.13 billion and US$1.10 billion, both weaker than in the third quarter.

On a full-year basis through the fourth quarter, Dubai topped global rankings with 500 ultra-luxury deals, a record annual total. New York rebounded from a 2023 low to 326 transactions, while Hong Kong’s annual total rose to 232, overtaking London, which slipped to fifth place with 161 deals.

Dubai’s record year capped a powerful multi-year run of wealth inflows and super-prime new build delivery, while London’s fall to seventh place in the quarter underscores how tax reform has weighed on trading in the super prime market, said Liam Bailey, global head of Knight Frank's research department.

In Hong Kong, Knight Frank said the luxury residential market is expected to strengthen further, supported by improved sentiment, strong demand from cash‑rich buyers and limited supply, according to William Lau, senior director and head of residential agency in Hong Kong.