Hong Kong has surpassed Dubai in total transaction value for ultra-luxury residential properties for the first time since 2022, according to the latest Global Ultra-Prime Residential Property Report released by Knight Frank on November 13, 2026. Hong Kong registered 78 transactions of properties valued above $10 million during the third quarter of 2026, totaling $1.58 billion.
Dubai remained the world's largest market by transaction volume, recording 86 deals exceeding $10 million during the quarter with a cumulative value of $1.57 billion. While Dubai led in the overall number of completed deals, Hong Kong moved ahead in total financial value due to higher average deal sizes.
Across the 12 global markets tracked by Knight Frank, a total of 470 transactions exceeding $10 million were recorded in the third quarter of 2026, representing a 19% decrease quarter-on-quarter and a 2% decline year-on-year. The consultancy attributed the quarterly moderation to a slowdown following strong deal volume at the start of the year.
The report highlighted regional divergences across prime real estate markets. Sentiment across Asia-Pacific remained positive, led by Hong Kong, Singapore, and Sydney, whereas transaction volumes in the United States declined. Sydney posted its strongest quarterly performance on record, with 57 ultra-luxury sales (up 111% quarter-on-quarter) totaling $724 million (up 77%).
Sources
- 36Kr · 2026-11-13
