Hong Kong narrows Dubai's super-prime lead as Q2 sales surge 75%
Hong Kong's super-prime residential market saw 93 transactions worth US$1.67 billion in Q2 2026, narrowing Dubai's lead by more than half. Knight Frank data shows Dubai recorded 131 sales totalling US$2.17 billion, while global super-prime transactions fell 6% year-on-year.
Dubai's lead in the super-prime residential market over Hong Kong narrowed by more than half in the second quarter, from US$1.13 billion to US$498 million, according to a recent report by property consultancy Knight Frank.
The United Arab Emirates city remained the world's largest super-prime residential market, recording 131 sales worth a combined US$2.17 billion. The total value was down 8 per cent year-on-year. Hong Kong was catching up with 93 transactions worth US$1.67 billion, up 75 per cent. It was followed by New York, Miami, Los Angeles and Singapore.
Mainland Chinese buyers have played a central role in Hong Kong's luxury housing rebound, seeking trophy properties in prestigious areas such as The Peak, according to a July report by Centaline Property. "For now, Dubai remains the global leader, but Hong Kong's recovery is increasingly well established," said Liam Bailey, Knight Frank's global head of research.
The wider super-prime market remained under pressure. Globally, 572 homes priced at US$10 million or more changed hands from April through June, down 7 per cent from the first quarter and 6 per cent from a year earlier. The deals totalled US$10.5 billion. Knight Frank said Dubai's weaker quarterly result did not materially alter its position as the leading super-prime market. "Nevertheless, the second-quarter result provides confirmation of the impact of current regional geopolitical instability," the report noted.
Centaline data suggests that Hong Kong sales of properties priced at HKD100 million (US$12.8 million) or more have picked up in recent months as the luxury market recovers rapidly from a slump that lasted several years. By the end of June, the number of such deals this year had already surpassed 85 per cent of the total for all of 2025. Hong Kong's overall luxury property market has slowed in the second half amid external pressures, including Chinese tax changes and tighter capital controls, according to the South China Morning Post. Several developers have said those policies have not had a major effect, and firms are releasing inventory they held back during the downturn to capitalise on the rebound.
High-profile deals through August and September included sales at K&K Property's One Stanley. CK Asset launched a new tender for 10 units at 21 Borrett Road on Thursday, after taking in more than HKD2.5 billion from 14 earlier sales since June. "Hong Kong continues to demonstrate its strength as one of the world's leading luxury residential markets," said William Lau, senior director and head of Residential Agency at Knight Frank, as quoted by The Standard. "As wealth creation across Asia accelerates, we expect discerning buyers to place greater emphasis on quality, lifestyle, wellness and long-term asset value when selecting luxury residences," noted Lau.
