Knight Frank Global Super-Prime Intelligence, Q4 2025

Pia Arrieta DM Properties

24 Feb 2026 3 minutes to read

Global super-prime activity picked up again in the final quarter of the year. Knight Frank tracked 555 residential sales above US$10 million across 12 key markets in Q4 2025, up 17% quarter-on-quarter, with total sales value reaching US$10.3 billion (+20% QoQ). The average deal size also rose to US$18.6 million.

Knight Frank Global Super-Prime Intelligence, Q4 2025

The strongest quarterly momentum came from Dubai, Hong Kong, Sydney and Miami, while London slipped further down the rankings as tax reform concerns continued to weigh on sentiment.

Key findings

555 US$10 million-plus sales were recorded across Knight Frank’s 12 tracked markets in Q4 2025, up 17% QoQ, totalling US$10.3 billion (+20% QoQ).
Average deal size edged up to US$18.6 million, as activity rose strongly quarter-on-quarter in Dubai, Hong Kong, Sydney and Miami.
Dubai regained first place for both deal count (143) and total value (US$2.5bn) in Q4, with strong year-end momentum (+39% QoQ by count; +27% by value).
Hong Kong moved into second place by quarterly deal count and value, posting 81 sales worth US$1.57bn, extending its recovery for a second consecutive quarter (+45% QoQ by count; +51% by value).
New York and Los Angeles followed with 57 and 63 sales respectively (US$1.13bn and US$1.10bn), both softer than Q3.
On a 12-month basis to Q4 2025, Dubai set a new record year with 500 sales, just over three times London’s total. New York rebounded to 326 annual sales, Hong Kong continued to climb, and London fell to fifth place with 161 sales (down from first place in 2022).

Liam Bailey, Global Head of Research at Knight Frank, commented: “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.”

A local view about Marbella and the Costa del Sol

In our local market, the picture is different but equally telling. Our recent analysis shows prices in the Golden Triangle have continued to rise through 2025, with average values around €5,400/m² in Marbella, €5,000/m² in Benahavís and €4,000/m² in Estepona. Annual increases during 2025 were also positive, with Marbella +5.57%, Benahavís +4.29% and Estepona +7.13%.

At the same time, transaction volumes in the Golden Triangle softened slightly (-3.2% comparing Q1-Q3 2025 vs Q1-Q3 2024), which points to a market that is still resilient but moving at a more measured pace after several years of very strong growth. That fits the wider theme we are seeing globally: demand remains, but buyers are becoming more selective and pricing momentum is increasingly market-specific.

Why this matters

Knight Frank’s Q4 super-prime data highlights a market led by cities with strong wealth inflows, new supply at the top end and clear international appeal. Marbella continues to share many of those strengths, especially in the prime and luxury segments, even as the market adjusts to a steadier rhythm.

Read the full report: Knight Frank Global Super-Prime Intelligence, Q4 2025.

Pia Arrieta, 24 Feb 2026 - Intelligence