房地产 -全球超级高端房产情报 -2025 年第四季度 Global Super-Prime Intelligence - Q4 2025

Global

Super-PrimeIntelligence

knightFrank

2025Q4Edition

KnightFrank’sGlobalSuper-PrimeIntelligencereportprovidesauniquequarterlysnapshotofUS$10million+residentialsalesconditionsacross12keyinternationalmarkets.

knightfrank.co.uk/research

TaxweighsonLondonwhileDubaisurgesahead

Globalsuper-primeactivityacceleratedinQ42025,acrossour12keymarkets,wetracked555US$10million-plus

transactions,up17%quarter-on-quarter,withanaggregatesalesvalueofUS$10.3billion(+20%QoQ).TheaveragesalepricerosetoUS$18.6million(fromUS$18.1millioninQ3).

Acrossour12markets,werecorded555

US$10million-plussalesinQ4,totallingUS$10.3billion.Theaveragedealsize

edgeduptoUS$18.6millionasactivity

rosestronglyQoQinDubai,HongKong,SydneyandMiami.Ona12-monthview,salesvolumeseasedslightlyfromthe

priorquarter’speakto2,164salesacrossallmarketswithanaggregatevalueof

US$40.5billion,stillthesecond-strongestrollingannualtallysince2021.

CITYLEADERS

Dubaireasserteditsdominance,first

forbothdealcount(143)andvalue

(US$2.5bn)inQ4,reflectingrobust

end-yearmomentum(+39%QoQby

count;+27%byvalue).HongKongmovedintosecondbyquarterlydealcount

(81)andvalue(US$1.57bn),extending

itstwo-quarterrevival(+45%QoQby

count;+51%byvalue).NewYorkand

LosAngelesfollowedwith57and63

salesrespectively(valuesUS$1.13bnandUS$1.10bn),bothsofterthanQ3inline

withthinnertop-tiersingle-familysalesinLAandaquieteryearendinNewYork.

MIDTABLE

Sydneypostedoneofthequarter’s

strongestrebounds(52sales;+58%QoQ),mirroringbroaderAustralianhousing

resilienceattheupperend.Singapore

wassteadytosofter(32;-11%QoQ)after

astrongmid-yearperformance.The

bigstorywasLondonslidingagainonaquarterlybasis,rankingseventhbydealcountinQ4(35sales)withSydney,MiamiandSingaporeallahead,asdebateover

UKwealthandpropertytaxationweighedonsentiment;aggregatevalueinLondonwasbroadlyflatatUS$724m(+2%QoQ)

despitefewertransactions.AmongUS

SunBeltandWestCoastmarkets,Miamirebounded(40;+82%QoQ)whileOrangeCountycooled(22;-33%QoQ).Palm

Beachpickedupfromaverylowbase(15;+150%QoQ).

THELONG‑VIEW

Onannualperformance(12monthstoQ42025),Dubaisetanewrecordyearwith

500sales,justoverthreetimesLondon’stally,underliningitsstructurallead.NewYorkreboundedfromits2023lowto326annualsales,HongKongcontinuedto

climb,andLondonfelltofifthplacewith

161,downfromfirstplaceasrecentlyas

2022.Theannualfiguresalsoconfirm

easinginMiami(145,from162)andPalmBeach(127,from159)versus2024,while

LosAngeles(261,from214)andOrange

County(109,from102)trendedhigher.

Policy,theinterest-ratepathand,cruciallyforLondon,thedebateonwealthtaxationwillbekeyswingfactorsforearly2026.

US$10.3bn

intotalquarterlysalesvalue(+20%QoQ)

US$18.6m

averagesaleprice(fromUS$18.1minQ3)

Dubai

numberoneforsales(143)andvalue(US$2.5bn)inQ4;record500salesona12-monthbasis

555

US$10m+dealsacross12citiesinQ42025(+17%QoQ)

“Twostoriesstoodoutthisquarter.First,Dubai’srecordyearcappedapowerfulmulti-yearrunof

wealthinflowsandsuper-primenew-builddelivery.Second,

London’sfalltoseventhplaceinQ4underscoreshowtaxreformhasweighedontradinginthesuper-primemarket.”

LiamBailey,GlobalHeadofResearchatKnightFrank

GlobalSuper-PrimeIntelligence

DataDigest–2025Q4edition

Quarterlydata

US$10m+quarterlyresidentialsales

Number

City

Dubai

2024Q4

153

2025Q1

111

2025Q2

143

2025Q3

103

56

64

74

33

22

37

36

33

6

11

1

476

2025Q4

143

81

63

57

52

40

35

32

22

15

11

4

555

HongKong

72

42

53

LosAngeles

52

61

73

NewYork

87

75

120

Sydney

25

17

29

Miami

42

58

25

London

67

34

55

Singapore

21

30

25

OrangeCounty

21

20

34

PalmBeach

42

74

32

Geneva

4

3

15

Paris

1

1

3

All

587

526

607

US$10m+quarterlyresidentialsales

Aggregatevalue(US$millions)

City

Dubai

2024Q4

2,443

2025Q1

1,900

2025Q2

2,598

2025Q3

2,007

1,040

1,185

1,253

571

403

710

602

444

197

180

12

8,603

2025Q4

2,5451,566

1,129

1,099930

769

724

600

330

302

273

68

10,335

HongKong

1,355

693

997

NewYork

1,612

1,405

2,858

LosAngeles

846

934

1,594

Sydney

427

324

531

Miami

694

1,293

495

London

1,660

592

1,044

Singapore

336

440

402

OrangeCounty

371

316

583

PalmBeach

671

1,351

594

Geneva

64

78

366

Paris

16

41

149

All

10,494

9,366

12,210

knightFrank

Annualiseddata

US$10m+annualisedresidentialsales

Number

City

Dubai

Fullyear2021

113

Fullyear2022

227

Fullyear2023

429

Fullyear

2024

426

265

214

12monthsto

2025Q4

500

326

261

232

161

145

NewYork

429

241

213

LosAngeles

314

237

212

HongKong

252

124

166

223

London

316

285

275

237

Miami

240

145

121

162

Sydney

118

108

103

100

131

127

123

109

40

9

2,185

PalmBeach

146

105

96

159

Singapore

214

114

101

89

OrangeCounty

113

95

85

102

Geneva

57

42

54

46

Paris

16

31

23

10

All

2,328

1,754

1,878

2,033

US$10m+annualisedresidentialsales

Aggregatevalue(US$millions)

City

Dubai

Fullyear2021

1,721

Fullyear2022

3,982

Fullyear2023

7,582

Fullyear2024

6,912

12monthsto

2025Q4

9,050

NewYork

7,827

4,446

3,881

4,900

6,577

LosAngeles

5,182

4,543

3,728

3,716

4,881

HongKong

5,262

2,750

2,915

4,814

4,296

London

5,757

5,826

5,695

4,946

3,069

Miami

4,010

2,598

2,126

2,966

2,960

PalmBeach

2,964

1,868

1,564

2,936

2,444

Sydney

1,810

1,736

1,710

1,586

2,355

Singapore

3,964

1,999

1,560

1,371

2,044

OrangeCounty

1,790

1,475

1,327

1,563

1,672

Geneva

1,039

771

1,107

866

896

Paris

280

561

423

140

269

All

41,608

32,555

33,619

36,717

40,369

Source:KnightFrank,USmarketsfromMillerSamuel

NB:theabovetablesrecordpubliclyavailableinformationonUS$10m+salesinkeyglobalmarkets,exchangeratesarecalculatedatthedateofsale.

US$10m+quarterlyresidentialsales

Numberofsales–12citytotal

2,500

2,164

2,000

1,500

1,000

500

2020202120222023202420250

Source:KnightFrankResearch

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Researchenquiries

LiamBailey

+447919303148

liam.bailey@

Pressenquiries

AstridRecaldin

+442078611182

astrid.recaldin@

knightFrank

©KnightFrankLLP2026.Thisdocumenthasbeenprovidedforgeneralinformationonlyandmustnotberelieduponinanyway.Althoughhighstandardshavebeenusedinthepreparationoftheinformation,analysis,viewsandprojectionspresentedinthisdocument,KnightFrankLLPdoesnotoweadutyofcaret