> **来源：[研报客](https://pc.yanbaoke.cn)** # Global Super-Prime Intelligence 2025 Q4 Edition Knight Frank's Global Super-Prime Intelligence report provides a unique quarterly snapshot of US$10 million+ residential sales conditions across 12 key international markets. knightfrank.co.uk/research # Tax weighs on London while Dubai surges ahead Global super-prime activity accelerated in Q4 2025, across our 12 key markets, we tracked 555 US$10 million-plus transactions, up 17% quarter-on-quarter, with an aggregate sales value of US$10.3 billion (+20% QoQ). The average sale price rose to US$18.6 million (from US$18.1 million in Q3). Across our 12 markets, we recorded 555 US$10 million-plus sales in Q4, totalling US$10.3 billion. The average deal size edged up to US$18.6 million as activity rose strongly QoQ in Dubai, Hong Kong, Sydney and Miami. On a 12-month view, sales volumes eased slightly from the prior quarter's peak to 2,164 sales across all markets with an aggregate value of US$40.5 billion, still the second-strongest rolling annual tally since 2021. # CITY LEADERS Dubai reasserted its dominance, first for both deal count (143) and value (US\(2.5bn) in Q4, reflecting robust end-year momentum (+39% QoQ by count; +27% by value). Hong Kong moved into second by quarterly deal count (81) and value (US\)1.57bn), extending its two-quarter revival (+45% QoQ by count; +51% by value). New York and Los Angeles followed with 57 and 63 sales respectively (values US\)1.13bn and US$1.10bn), both softer than Q3 in line with thinner top-tier single-family sales in LA and a quieter year end in New York. # MID TABLE Sydney posted one of the quarter's strongest rebounds (52 sales; $+58\%$ QoQ), mirroring broader Australian housing resilience at the upper end. Singapore was steady to softer (32; -11% QoQ) after a strong mid-year performance. The big story was London sliding again on a quarterly basis, ranking seventh by deal count in Q4 (35 sales) with Sydney, Miami and Singapore all ahead, as debate over UK wealth and property taxation weighed on sentiment; aggregate value in London was broadly flat at US\(724m (+2% QoQ) despite fewer transactions. Among US Sun Belt and West Coast markets, Miami rebounded (40; +82% QoQ) while Orange County cooled (22; -33% QoQ). Palm Beach picked up from a very low base (15; +150% QoQ). # THE LONG-VIEW On annual performance (12 months to Q4 2025), Dubai set a new record year with 500 sales, just over three times London's tally, underlining its structural lead. New York rebounded from its 2023 low to 326 annual sales, Hong Kong continued to climb, and London fell to fifth place with 161, down from first place as recently as 2022. The annual figures also confirm easing in Miami (145, from 162) and Palm Beach (127, from 159) versus 2024, while Los Angeles (261, from 214) and Orange County (109, from 102) trended higher. Policy, the interest-rate path and, crucially for London, the debate on wealth taxation will be key swing factors for early 2026. # 555 US\(10m+ deals across 12 cities in Q4 2025 (+17% QoQ) # US\(10.3bn in total quarterly sales value $(+20\%$ QoQ) # US\(18.6m average sale price (from US\(18.1m in Q3) # Dubai number one for sales (143) and value (US\(2.5bn) in Q4; record 500 sales on a 12-month basis "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." Liam Bailey, Global Head of Research at Knight Frank # Quarterly data US\(10m+ quarterly residential sales Number <table><tr><td>City</td><td>2024 Q4</td><td>2025 Q1</td><td>2025 Q2</td><td>2025 Q3</td><td>2025 Q4</td></tr><tr><td>Dubai</td><td>153</td><td>111</td><td>143</td><td>103</td><td>143</td></tr><tr><td>Hong Kong</td><td>72</td><td>42</td><td>53</td><td>56</td><td>81</td></tr><tr><td>Los Angeles</td><td>52</td><td>61</td><td>73</td><td>64</td><td>63</td></tr><tr><td>New York</td><td>87</td><td>75</td><td>120</td><td>74</td><td>57</td></tr><tr><td>Sydney</td><td>25</td><td>17</td><td>29</td><td>33</td><td>52</td></tr><tr><td>Miami</td><td>42</td><td>58</td><td>25</td><td>22</td><td>40</td></tr><tr><td>London</td><td>67</td><td>34</td><td>55</td><td>37</td><td>35</td></tr><tr><td>Singapore</td><td>21</td><td>30</td><td>25</td><td>36</td><td>32</td></tr><tr><td>Orange County</td><td>21</td><td>20</td><td>34</td><td>33</td><td>22</td></tr><tr><td>Palm Beach</td><td>42</td><td>74</td><td>32</td><td>6</td><td>15</td></tr><tr><td>Geneva</td><td>4</td><td>3</td><td>15</td><td>11</td><td>11</td></tr><tr><td>Paris</td><td>1</td><td>1</td><td>3</td><td>1</td><td>4</td></tr><tr><td>All</td><td>587</td><td>526</td><td>607</td><td>476</td><td>555</td></tr></table> US $10m+ quarterly residential sales Aggregate value (US$ millions) <table><tr><td>City</td><td>2024 Q4</td><td>2025 Q1</td><td>2025 Q2</td><td>2025 Q3</td><td>2025 Q4</td></tr><tr><td>Dubai</td><td>2,443</td><td>1,900</td><td>2,598</td><td>2,007</td><td>2,545</td></tr><tr><td>Hong Kong</td><td>1,355</td><td>693</td><td>997</td><td>1,040</td><td>1,566</td></tr><tr><td>New York</td><td>1,612</td><td>1,405</td><td>2,858</td><td>1,185</td><td>1,129</td></tr><tr><td>Los Angeles</td><td>846</td><td>934</td><td>1,594</td><td>1,253</td><td>1,099</td></tr><tr><td>Sydney</td><td>427</td><td>324</td><td>531</td><td>571</td><td>930</td></tr><tr><td>Miami</td><td>694</td><td>1,293</td><td>495</td><td>403</td><td>769</td></tr><tr><td>London</td><td>1,660</td><td>592</td><td>1,044</td><td>710</td><td>724</td></tr><tr><td>Singapore</td><td>336</td><td>440</td><td>402</td><td>602</td><td>600</td></tr><tr><td>Orange County</td><td>371</td><td>316</td><td>583</td><td>444</td><td>330</td></tr><tr><td>Palm Beach</td><td>671</td><td>1,351</td><td>594</td><td>197</td><td>302</td></tr><tr><td>Geneva</td><td>64</td><td>78</td><td>366</td><td>180</td><td>273</td></tr><tr><td>Paris</td><td>16</td><td>41</td><td>149</td><td>12</td><td>68</td></tr><tr><td>All</td><td>10,494</td><td>9,366</td><td>12,210</td><td>8,603</td><td>10,335</td></tr></table> # Annualised data US\(10m+ annualised residential sales Number <table><tr><td>City</td><td>Full year 2021</td><td>Full year 2022</td><td>Full year 2023</td><td>Full year 2024</td><td>12 months to 2025 Q4</td></tr><tr><td>Dubai</td><td>113</td><td>227</td><td>429</td><td>426</td><td>500</td></tr><tr><td>New York</td><td>429</td><td>241</td><td>213</td><td>265</td><td>326</td></tr><tr><td>Los Angeles</td><td>314</td><td>237</td><td>212</td><td>214</td><td>261</td></tr><tr><td>Hong Kong</td><td>252</td><td>124</td><td>166</td><td>223</td><td>232</td></tr><tr><td>London</td><td>316</td><td>285</td><td>275</td><td>237</td><td>161</td></tr><tr><td>Miami</td><td>240</td><td>145</td><td>121</td><td>162</td><td>145</td></tr><tr><td>Sydney</td><td>118</td><td>108</td><td>103</td><td>100</td><td>131</td></tr><tr><td>Palm Beach</td><td>146</td><td>105</td><td>96</td><td>159</td><td>127</td></tr><tr><td>Singapore</td><td>214</td><td>114</td><td>101</td><td>89</td><td>123</td></tr><tr><td>Orange County</td><td>113</td><td>95</td><td>85</td><td>102</td><td>109</td></tr><tr><td>Geneva</td><td>57</td><td>42</td><td>54</td><td>46</td><td>40</td></tr><tr><td>Paris</td><td>16</td><td>31</td><td>23</td><td>10</td><td>9</td></tr><tr><td>All</td><td>2,328</td><td>1,754</td><td>1,878</td><td>2,033</td><td>2,185</td></tr></table> US $10m+ annualised residential sales Aggregate value (US$ millions) <table><tr><td>City</td><td>Full year 2021</td><td>Full year 2022</td><td>Full year 2023</td><td>Full year 2024</td><td>12 months to 2025 Q4</td></tr><tr><td>Dubai</td><td>1,721</td><td>3,982</td><td>7,582</td><td>6,912</td><td>9,050</td></tr><tr><td>New York</td><td>7,827</td><td>4,446</td><td>3,881</td><td>4,900</td><td>6,577</td></tr><tr><td>Los Angeles</td><td>5,182</td><td>4,543</td><td>3,728</td><td>3,716</td><td>4,881</td></tr><tr><td>Hong Kong</td><td>5,262</td><td>2,750</td><td>2,915</td><td>4,814</td><td>4,296</td></tr><tr><td>London</td><td>5,757</td><td>5,826</td><td>5,695</td><td>4,946</td><td>3,069</td></tr><tr><td>Miami</td><td>4,010</td><td>2,598</td><td>2,126</td><td>2,966</td><td>2,960</td></tr><tr><td>Palm Beach</td><td>2,964</td><td>1,868</td><td>1,564</td><td>2,936</td><td>2,444</td></tr><tr><td>Sydney</td><td>1,810</td><td>1,736</td><td>1,710</td><td>1,586</td><td>2,355</td></tr><tr><td>Singapore</td><td>3,964</td><td>1,999</td><td>1,560</td><td>1,371</td><td>2,044</td></tr><tr><td>Orange County</td><td>1,790</td><td>1,475</td><td>1,327</td><td>1,563</td><td>1,672</td></tr><tr><td>Geneva</td><td>1,039</td><td>771</td><td>1,107</td><td>866</td><td>896</td></tr><tr><td>Paris</td><td>280</td><td>561</td><td>423</td><td>140</td><td>269</td></tr><tr><td>All</td><td>41,608</td><td>32,555</td><td>33,619</td><td>36,717</td><td>40,369</td></tr></table> Source: Knight Frank, US markets from Miller Samuel NB: the above tables record publicly available information on US$10m+ sales in key global markets, exchange rates are calculated at the date of sale. US\(10m+ quarterly residential sales Number of sales - 12 city total # Keep up to speed with global property markets with our range of dedicated sector newsletters # SIGN UP ONLINE We like questions, if you've got one about our research, or would like some property advice, we would love to hear from you. # Research enquiries Liam Bailey +44 7919 303 148 liam.bailey@knightfrank.com # Press enquiries Astrid Recaldin +442078611182 astrid.calcdin@knightfrank.com