Dubai & New York Dominate Ultra‑Luxury Property Market: 111 Deals in Q1, $1.9 Billion Sales
Dubai and New York led the global ultra-luxury property market in Q1 2025 with 111 deals worth $1.9 billion and 59 sales topping $1 billion, signaling a booming high-end real estate trend
The beginning of the year was strong for ultra-high-end real estate deals around the globe, according to a report from Knight Frank released Thursday.
Twelve major markets logged a total of 527 super-prime property sales—priced at $10 million and higher, measured in U.S. dollars—during the first quarter, a 6% rise from the same period last year. Those home sales totaled $9.43 billion.
Dubai led in both number of deals and volume—as it has since the first quarter of 2024—with 111 sales worth $1.9 billion. New York followed with 75 deals that totaled $1.41 billion.
South Florida’s luxury markets had a notable rebound from a rather slow end to 2024.
Palm Beach, for example, logged 74 sales in the first quarter of homes of at least $10 million, for a total value of $1.35 billion. That was more than triple the 21 sales the affluent island recorded in the third quarter of last year and the 42 recorded in the fourth quarter. It’s also up from last year’s first quarter total of 57.
Miami’s 58 deals for $10 million-plus homes marked a 35% annual increase, the biggest year-over-year jump of any market. Meanwhile, ultra-luxury sales volume nearly doubled 2024’s first quarter, at $1.29 billion, underscoring “South Florida’s growing appeal for ultra-wealthy buyers,” according to the report.
Meanwhile, London and Hong Kong saw ultra-luxury buying cool from the end of last year. London only saw 34 $10 million-plus sales at the start of this year, which is notably down from last year’s first quarter total of 54 and a steep slide from the 63 deals in the fourth quarter of 2024. Hong Kong, on the other hand, slid on a quarterly basis—from 72 sales to 42—but rose annually, from just 36 at the start of 2024.
“Dubai maintains its lead, but the resurgence of South Florida and the rebound in Hong Kong show that demand remains truly global,” said Liam Bailey, global head of research at Knight Frank. “As we move through 2025, deal flow should remain healthy—however, rising macroeconomic uncertainties will demand greater focus from developers and investors.”
In the first quarter of 2025, Dubai and New York emerged as the world leaders in ultra-luxury real estate—homes priced at $10 million+—underscoring booming buyer confidence even amidst global economic jitters. Dubai broke records with 111 such deals totaling $1.9 billion, while Manhattan posted 59 deals worth $1.03 billion
111 Million-Dollar Homes Sold → $1.9 Billion Value
- Dubai recorded 111 transactions above $10 million in Q1 2025—a 5.7% increase YoY.
- Total ultra-luxury sales reached $1.9 billion, marking the highest Q1 ever .
📌 Top Hotspots in Dubai
- Palm Jumeirah led, with 34 transactions totaling $562.8 million.
- Emirates Hills followed (15 sales, $356.7 million), including the quarter’s most expensive deal—a $106.3 million villa.
- 12 mega-deals exceeded $25 million, signaling strong demand for trophy properties
International Buyer Surge – Investors from Europe, Russia, India, China, Saudi Arabia, and the UK continue to flock to Dubai.
Tax Efficiency & Stability – Zero income tax, political stability, and smarter immigration policies draw high-net-worth individuals seeking safety and returns.
Supply Crunch – New ultra-prime units (AED 2k–3k+/sq ft) are down ~57–39% YoY, tightening supply and fueling value growth.
Tech-forward, Smart Homes – A surge in off-plan demand featuring AI/IoT, blockchain-secured transactions, and wellness-focused living is reshaping expectations
Q1 2025 saw 59 ultra-luxury sales (above $10M) in Manhattan, generating $1.03 billion—a 26% rise in deal count and 10% increase in volume versus Q1 2024 ($933M).
This was Manhattan’s strongest Q1 since early 2022, signifying a strong rebound
Resale properties dominated: 44 resale deals worth ~$818.5M—a 22% jump in volume .
New developments: Though transactions climbed from 11 to 15, total value fell 13% to ~$209M, reflecting a dip in average prices
Condo/Co-op domination: 50 transactions ($890.4M), up 35% in volume and 31% in value—buyers are favoring amenity-rich, urban-living lifestyles
Townhouses lagging: 9 sales ($137.2M), a notable decline, indicating a shift away from standalone homes
- $10–20M range surged most: 46 deals ($625.5M)—78% of total volume, up ~40% YoY .
- $20–30M saw slight contractions; high-end segments ($30–40M and $40M+) remained steady but cautious.
- Upper East Side exploded: 17 deals ($355.9M)—up 113% in volume, 91% in value .
- Midtown West held strong—16 deals; Downtown saw marginal dips; Midtown East softened in value .
- Globally, ultra-high-net-worth individuals (UHNWIs) are actively diversifying into stable real assets.
- Knight Frank data: $10.3B private capital targeting Dubai residential real estate—high voter for Dubai Marina, Dubai Hills, Emirates Hills.
- Dubai offers 980 sq ft per $1M vs. 366 sq ft in NYC or 355 sq ft in London—a clear value advantage
Trophy deals across Dubai’s top islands; 12 mega-deals validate appetite for ultra-premium real estate .
In NYC, resale condos with amenities surged, showing a shift toward move-in-ready high-end living.
Dubai’s constrained pipeline of luxury units supports rising average prices (+26% YoY overall; villa prices +107.6% since Q1 2020).
Manhattan’s price segments show resilience within lower ultra-luxury tiers, with calm in trophy category.
Continued growth expected—supply bottlenecks will likely sustain price momentum.
Massive residential pipeline (~19.8k units over AED 5M), but ultra-luxury segment limited, fueling future price growth
New smart developments (e.g. Burj Binghatti Jacob & Co – 557m tower) signal next-gen luxury appeal
Q2 poised for steady expansion—Upper East Side and Midtown West hot zones.
Buyers gravitating toward resale condos over new builds suggest preference for immediate occupancy.
High-end townhouses still lagging; but penthouse and legacy trophy properties may rebound later in year.
Read Also : Stock Futures Surge Over 200 Points After Trump Announces Iran-Israel Ceasefire Deal
