Dubai has once again cemented its status as the epicenter of ultra-luxury real estate. According to a new report from Knight Frank, the city led the globe in $10 million-plus home sales during the fourth quarter of 2025, underscoring its ability to pull the world’s wealthiest buyers.

Across 12 major markets tracked by the brokerage, 555 homes sold for at least $10 million in Q4—a 17 percent jump from the previous quarter. Combined, those deals totaled roughly $10.3 billion, with the average transaction climbing to $18.6 million, up from $18.1 million in Q3. In simple terms, more trophy homes are changing hands—and at higher prices.

Dubai accounted for the largest share of that activity. The emirate logged 143 super-prime sales collectively worth $2.5 billion, rising 39 percent by deal count and 27 percent by value compared with the prior quarter. The performance capped what the report describes as a record-setting year, with 500 ultra-luxury homes sold over the past 12 months—just over three times the total recorded in London.

According to the brokerage, the surge reflects a broader migration of global capital toward low-tax, high-amenity markets that offer both lifestyle appeal and relative economic stability. For many affluent buyers, Dubai increasingly checks all three boxes.

RELATED: Ultra-Luxury Real Estate Is Booming Even as the General Housing Market Cools

“Two stories stood out this quarter. First, Dubai’s record year capped a powerful multi-year run of wealth inflows and super-prime new-build delivery. Second, London’s fall to seventh place in Q4 underscores how tax reform has weighed on trading in the super-prime market,” said Liam Bailey, Global Head of Research at Knight Frank.

Meanwhile, Hong Kong surged into second place with 81 deals totaling $1.57 billion, extending a two-quarter rebound that signals renewed confidence at the very top of the market. U.S. hotspots New York City and Los Angeles followed with 57 and 63 sales, respectively, though both markets softened slightly toward year’s end due to thinner top-tier inventory and the typical seasonal slowdown.

RELATED: Inherited Wealth and International Demand Are Expected to Fuel the Luxury Market in 2026

Elsewhere, Sydney staged one of the quarter’s strongest comebacks with 52 transactions—a 58 percent quarterly increase. Miami also bounced back sharply, jumping 82 percent to 40 sales, while London slipped to seventh place with just 35 deals.

Looking at the longer view, the report tracked 2,164 super-prime sales totaling $40.5 billion over the 12 months ending in Q4 2025—the second-strongest rolling annual performance since 2021. For now, Dubai isn’t just leading the super-prime race; it appears to be widening the gap.