Dubai and New York Dominate Global Ultra‑Luxury Home Sales in Q1 2025
DUBAI / NEW YORK, July 7, 2025 – The world’s ultra‑wealthy kicked off 2025 with a flurry of trophy‑home purchases, as twelve major markets recorded a combined 527 sales of properties priced at $10 million or more during the first quarter—up 6 percent year‑over‑year—with total deal value reaching $9.43 billion, according to Knight Frank’s Global Super‑Prime Intelligence report. (mansionglobal.com, theweek.in)
Once again, Dubai led the charge, logging 111 ultra‑prime transactions worth $1.90 billion—the highest quarterly tally on record and a 5.7 percent jump from Q1 2024. The emirate’s allure for international buyers shows no sign of abating, buoyed by tax‑efficient residency programmes, off‑plan incentives, and landmark developments on Palm Jumeirah and Emirates Hills. ( gulfnews.com)
New York City claimed the runner‑up spot with 75 deals totaling $1.41 billion. The U.S. financial hub has seen sustained demand from both domestic and offshore purchasers seeking a hedge against market volatility and inflation, driving strong sales in ultra‑luxury high‑rises along Billionaires’ Row and historic townhouses on the Upper East Side. (mansionglobal.com)
South Florida also made headlines with a notable rebound: Palm Beach tallied 74 super‑prime sales worth $1.35 billion—more than triple its Q4 2024 volume—while Miami saw 58 deals, a 35 percent increase year‑over‑year, for $1.29 billion in cumulative value. Analysts attribute this surge to lifestyle buyers flocking to the region’s climate, beaches, and favourable tax environment. (mansionglobal.com)
Conversely, London and Hong Kong cooled off from late 2024 highs. London recorded just 34 $10 million‑plus deals—down from 54 a year earlier—while Hong Kong’s volume slipped quarter‑to‑quarter (42 versus 72 deals), though it remained modestly ahead of Q1 2024 figures. “The global footprint of ultra‑luxury demand is shifting,” noted Liam Bailey, Knight Frank’s global head of research. “Dubai’s dominance underscores the emirate’s strategic positioning, but other markets will need to innovate to keep pace.” (mansionglobal.com, theweek.in)
Looking ahead, rising macroeconomic uncertainties—geopolitical tensions, interest‑rate trajectories, and currency fluctuations—may temper deal flow. Nonetheless, the entrenched appeal of tangible real‑estate assets, combined with limited trophy‑home inventory in legacy cities and emerging hubs, suggests that the ultra‑luxury sector will remain a bellwether for global wealth trends throughout 2025.
