Jakarta led the way for the third consecutive quarter for annual prime residential property prices according to the latest research from Knight Frank.
Prime residential prices around the world – defined by the report as being the top five percent of mainstream property in each surveyed city – rose by 2.4 percent in the second quarter of 2013 according to the latest edition of the Prime Global Cities Index. The index tracks the price performance of luxury homes across 28 cities, and it now stands 27 percent above its financial crisis low in the second quarter of 2009.
The Indonesian capital topped the rankings for the third consecutive quarter having recorded annual growth of 27.2 percent. With the economy in Indonesia growing at a rate of six percent per annum, the city is becoming a focus for new wealth in the wider Asia Pacific region.
Dubai also performed well with luxury property prices now 21.6 percent higher than a year earlier. The price of prime villas began to rise in early 2012 and apartments are now following suit.
European capitals including Rome, Paris and Madrid continue to occupy the bottom rankings, although the rate of price falls has slowed considerably. Monaco and London find themselves mid-table, recording annual price growths of 8.2 percent and 6.9 percent respectively.
The report noted that prime property prices in Singapore look to have flouted the government’s seven rounds of cooling measures – rising 5.5 percent in the second quarter, however this was primarily due to high-end sales in one key project: TwentyOne Anguilla Park.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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