21 June 2025 | Global Property Desk
The global super-prime residential real estate market—defined by transactions valued at US$10 million and above—continued its upward momentum into the first quarter of 2025, according to Knight Frank’s latest Global Super-Prime Intelligence report.
In Q1 2025, a total of 527 luxury deals were recorded across 12 global cities, marking a 6% increase over the same period last year. The total transaction value also climbed to US$9.43 billion, up from US$8.85 billion in Q1 2024.
📍 Dubai Dominates, South Florida Surges
Dubai held onto its global lead in both transaction volume and value, notching 111 sales worth US$1.9 billion. The city’s tax-friendly regime and sustained luxury demand have kept it in pole position since 2023.
Meanwhile, the US saw Palm Beach and Miami emerge as surprise top performers:
- Palm Beach posted 74 deals worth US$1.35 billion, a dramatic rebound from just 21 deals in Q3 2024.
- Miami recorded 58 deals totaling US$1.29 billion, reflecting a 35% year-on-year growth in deal volume and nearly double the transaction value of Q1 2024.
New York also retained strong performance with 75 super-prime transactions totaling US$1.41 billion, securing the second-highest volume globally.
🌐 Year-on-Year Trends Show Resilience in the Ultra-Luxury Segment
Across the 12-month period ending Q1 2025:
- Dubai saw a staggering 432 super-prime deals worth US$7.08 billion.
- New York followed with 281 deals totaling US$5.10 billion.
- Hong Kong, while softer in Q1, still clocked 229 sales worth US$4.52 billion over the year.
However, London and Hong Kong saw temporary cooling in Q1 2025 after strong year-end performances in 2024:
- London dropped to 34 deals (–37%) with a value of US$0.59 billion, partly due to tax-related uncertainties.
- Hong Kong slid to 42 deals (–31%), with volumes halving to US$0.69 billion.
📈 Key Indicators & Average Deal Size
- Average sale price across the 12 cities stood at US$17.9 million.
- The total annual super-prime transactions reached 2,055, indicating continued strength in the global UHNWI-driven housing market.
🏦 What’s Driving This Market?
Knight Frank attributes the bullish momentum to:
- Continued global wealth creation (UHNWI population rose 4.4% in 2024).
- Lifestyle migration trends, especially to tax-advantaged or climate-friendly regions like South Florida and Dubai.
- Portfolio diversification, as wealthy investors shift assets out of volatile or over-regulated markets.
However, experts caution that interest rate volatility, currency fluctuations, and local policy shifts could introduce headwinds in the quarters ahead.
“Dubai maintains its lead, but the resurgence of South Florida and the rebound in Hong Kong show that demand remains truly global,” said Liam Bailey, Global Head of Research at Knight Frank. “Deal flow should remain healthy, though macroeconomic uncertainties will demand sharper strategies from investors and developers.”
🏁 Conclusion
As 2025 progresses, the super-prime property market is showcasing its ability to remain resilient, global, and opportunistic. The rise of secondary luxury hubs like Palm Beach and Miami, paired with Dubai’s enduring dominance, points to a shifting yet robust global appetite for elite real estate.
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