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The 2009 edition of The Wealth Report, the third such collaboration between Knight Frank and Citi Private Bank, indicates that luxury house prices have fallen around the world, but superrich appetite for property remains undimmed.
Key highlights:
- The latest results from the Knight Frank Prime International Residential Index (PIRI) show that just under 50% of the locations featured managed to record positive price growth on an annual basis in 2008. By the final quarter, however, price growth had either stalled or fallen in 75% of locations.
- There were wide variations in performance. Hong Kong saw the sharpest annual drop (-24.5%), but prices for residential properties in Bangkok rose 22.5%. Additionally, some previously buoyant markets have turned very...
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