Luxury property prices slow down

The growth of luxury property prices has slowed down considerably, according to Knight Frank.

The consultants’ latest Prime Global Cities Index shows that prices of prime residential property around the world climbed by 6.6 per cent in the 12 months to September 2013 – but slowed to just 1.2 per cent in the third quarter of 2013. The figures mark the strongest annual growth since the third quarter of 2010 – and the weakest quarterly performance for three years.

Jakarta and Dubai recorded the strongest annual growth, with prices 27.2% and 21.8% higher respectively than a year ago. “China continues to defy expectations”, adds Knight Frank, as Beijing recorded the strongest quarterly growth, with prime prices up by 7.9% over the three month period.