L
ondon stands out as the sole global city to experience a quarterly increase in luxury home sales, with 51 transactions worth over $10 million. This marks the first rise since Q3 2023 and is attributed to buyers acting ahead of the new Labour government's budget. Despite this improvement, London remains below its post-pandemic highs, averaging $1.5 billion in super-prime sales per quarter between 2021 and 2023.

    In contrast, other major cities have seen a decline in luxury residential sales. Dubai recorded 83 transactions this quarter, a nearly 40% year-on-year drop but still above the average since 2021. However, its annual performance remains strong, with sales more than tripling compared to 2021 and doubling compared to 2022.

    The U.S. super-prime markets have adopted a cautious approach due to uncertainty surrounding the election. Palm Beach recorded its lowest sales figures since late 2022, while Miami saw a sharp decline of nearly 60% compared to Q3 2023. The slowdown in luxury residential sales across 12 major global cities is evident, with a total of 406 transactions recorded over three months, down from 496 in the previous quarter and 464 during the same period last year.