Will Mayor Mamdani sink the luxury New York housing market?

This week the global Head of Research at Knight Frank, Liam Bailey, is joined by President & CEO of Miller Samuel, Jonathan Miller. Jonathan is a legendary New York housing market expert whose insights shape understanding of luxury real estate trends nationwide.

Using fresh data from the Knight Frank Global Super-Prime Intelligence Report, Liam and Jonathan explore how billionaires and centi-millionaires are reshaping global housing markets, and what the latest quarter’s slowdown really means.

Across 12 leading global hubs, 474 residential sales above $10 million took place in Q3 2025, totalling $8.5 billion. But with volumes down 21% and values down 29% on Q2, the big question is: what’s driving the shift?

Jonathan describes a market in rude health: despite a slowdown in Q3 sales, Wall Street continues to fuel the luxury sector, and Q4 is shaping up to be a bumper season in the city.

Meanwhile, in Miami and Palm Beach, demand remains strong but low inventory is holding back transactions. Liam draws parallels with London, where, spoiler alert, wealth taxes are not helping super-prime volumes, and with Dubai, where, as in Miami, limited stock is constraining sales.

Looking ahead to 2026, New York appears set for a strong run. But one market in particular is poised to outpace even the Big Apple… tune in to find out which.

For more global wealth and property insight: Subscribe to Liam’s twice-weekly Global Property Briefing here.