The key facts
- Dubai led Q3 2026 by the number of property sales above $10 million: 86 transactions worth $1.57 billion
- Hong Kong outpaced Dubai by sales value for the first time since Q2 2022 — $1.58 billion across 78 transactions
- Over 12 months, Dubai retains a wide lead: 525 transactions worth $9.25 billion
Dubai Holds the Lead in Ultra-Prime Deal Count
According to Knight Frank's global ultra-prime property report, 86 transactions involving properties above $10 million took place in Dubai in the third quarter of 2026, totaling $1.57 billion — more than in any other city in the world. Hong Kong came second with 78 transactions, but their combined value reached $1.58 billion — for the first time since the second quarter of 2022, its total exceeded Dubai's.
A Slowdown After a Strong Start to the Year
Activity in Dubai fell 34% by transaction count and 28% by value compared with the second quarter; this is already the second consecutive quarterly decline after an exceptionally strong start to the year. Over 12 months, however, Dubai leads the other markets in the index by a wide margin: 525 ultra-prime transactions worth $9.25 billion. Across all 12 markets, activity fell 19% — 470 transactions worth $8.7 billion.
Other Markets: New York and Sydney Rise, London Slumps
New York was one of the few major markets to see improvement: third place with 62 transactions (+9%) worth $1.08 billion (+11%). Sydney delivered the most striking result, doubling the number of sales above $10 million to 57, totaling $724 million. Singapore held its position — 44 transactions worth $613 million — while in London the number of sales fell only from 46 to 42, but their value halved to $722 million: the average deal size dropped from $31.7 million to $17.2 million after the end of a run of major contracts.
What the Analysts Say
Liam Bailey, Knight Frank's Global Head of Research, noted that ultra-prime activity slowed during the quarter, but the more significant story is the change at the top: Hong Kong outpaced Dubai by value for the first time in four years, while Sydney posted a record quarter. In his words, over 12 months global volumes remain resilient, with activity being redistributed across markets. Knight Frank named one of the key storylines of 2027 — whether Hong Kong can sustain its recovery.
