From the bottom five on the annual list measuring the rise in luxury home prices, Singapore and Hong Kong have climbed to the top five, based on the latest figures released by property consultants Knight Frank International for 2009.
According to the firm, this reflects the attraction of prime residential property, where demand tends to increase as prices drop.
Overall, prices of luxury homes in the Asia Pacific region increased around 17 percent on average in 2009.
In contrast, prices of luxury homes globally fell 5.5 percent.
For 2009, Shanghai led in the global list, with luxury home prices recording a 52 percent surge, followed by Beijing at 47 percent and Hong Kong at 40.5 percent.
Singapore and Johannesburg were in fourth place, with a 17 percent increase in luxury home prices.
Among the non-Asian cities that made it to the top ten were Rio De Janerio at 10 percent, London at 6.1 percent and Washington at 5.7 percent.
Dubai, which saw a 45 percent drop in luxury home prices, was at number 56 and at the bottom of the global list.