Dubai luxury property sales cooled over the summer, yet the city still sold more $10 million homes than anywhere else on the planet. That is the headline from Knight Frank’s latest global super-prime report, published this week, and it tells a more interesting story than a simple “up” or “down”.
Here is what the numbers show, where the money went, and how we read the market at Aurantius.
Dubai is still number one
| Global market | Homes sold above $10M | Transaction value |
|---|---|---|
| Dubai | 86 | $1.57 billion |
| Hong Kong | 78 | $1.58 billion |
| New York | 62 | $1.08 billion |
| Sydney | 57 | $724 million |
| Singapore | 44 | $613 million |
| London | 42 | $722 million |
Source: Knight Frank global super-prime figures as presented in the supplied article.
Between July and September 2026, Dubai recorded 86 home sales above $10 million, worth $1.57 billion in total. That kept the city first in Knight Frank’s ranking of 12 global markets.
The chasing pack is closing in, though:
- Dubai: 86 sales, $1.57 billion
- Hong Kong: 78 sales, $1.58 billion
- New York: 62 sales, $1.08 billion
- Sydney: 57 sales, $724 million, a record quarter
- Singapore: 44 sales, $613 million
- London: 42 sales, $722 million
For the first time since 2022, Hong Kong edged ahead of Dubai on value, even though Dubai sold more homes.
A slower quarter, not a broken market
Dubai’s $10 million-plus sales fell 34% by number and 28% by value compared with the second quarter. Across all 12 cities, activity slowed by 19%.
Context matters here. The second quarter was unusually strong, and summer is traditionally quieter in Dubai. Knight Frank’s Mena research team also pointed to the regional conflict as the biggest drag on activity. Over the 12 months to the end of September, Dubai still logged 525 super-prime sales worth $9.25 billion, comfortably ahead of every other market.
Liam Bailey, Knight Frank’s global head of research, summed it up this way: “the more significant story is a shift in leadership.”
Where the big deals happened
Knight Frank’s earlier breakdown of the same quarter shows how concentrated Dubai’s top end is:
- Palm Jumeirah: 27 sales, about 31% of all $10 million-plus deals
- Jumeirah Second: 10 sales
- Emirates Hills: 7 sales
- Dubai Hills Estate: 6 sales
- Jumeirah Golf Estates: 6 sales
Villas made up 55 of the 86 deals. Thirteen homes sold for more than $25 million, and the single largest deal of the quarter was Dh260 million on Palm Jumeirah.
Prices have eased
This is the part buyers should pay attention to. Prices across Dubai’s ten prime neighbourhoods slipped 5% between the second and third quarters, the first decline since 2020. On Palm Jumeirah, prices are down 9.1% over 12 months, to about Dh4,083 per square foot.
Knight Frank’s UAE residential team described the Palm as increasingly offering good value, and noted that most buyers are looking for permanent or holiday homes rather than quick flips.
What this means for buyers and investors
Negotiating power has shifted, slightly. After years of sellers setting the terms, a 5% dip in prime prices and fewer competing bidders give serious buyers more room to negotiate, especially on ready villas that have been listed for a while.
Quality locations hold their appeal. Even in a slower quarter, nearly a third of all deals went to one address. Scarce beachfront land does not lose its pull. It simply becomes better priced.
Think in years, not quarters. Twelve-month volumes are holding firm worldwide, and Dubai remains the deepest super-prime market on the list. One soft quarter after a record run is normal market behaviour.
Our view at Aurantius. We see this as a window rather than a warning. End users and long-term investors who have waited on the sidelines now face less competition and softer pricing in the city’s best addresses. Do your homework on price per square foot, service charges and comparable sales, and move when the numbers make sense.
FAQ: Dubai Luxury Property Sales
How many $10 million homes sold in Dubai in Q3 2026?
86, worth $1.57 billion, according to Knight Frank.
Is Dubai still the world’s top super-prime market?
Yes. Dubai ranked first by number of sales, ahead of Hong Kong with 78 and New York with 62.
Are Palm Jumeirah prices falling?
Knight Frank puts Palm Jumeirah prices down 9.1% over 12 months, at about Dh4,083 per square foot.
Is now a good time to buy luxury property in Dubai?
For long-term buyers, softer prices and fewer competing bidders can mean better terms. Compare recent sales before you make an offer.
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Sources
- The National, “Dubai’s super-prime property sales cling on to global top spot”, 13 November 2026 (Knight Frank Global Super-Prime Intelligence, Q3 2026)
- Khaleej Times, “Dubai’s $10 million-plus home sales reach 86 in Q3 2026”, 21 October 2026 (Knight Frank analysis)
