Knight Frank’s unique Prime International Residential Index (PIRI) lies at the heart of The Wealth Report and this year’s instalment includes performance data for almost 100 of the world’s key luxury residential housing markets.
One of the most significant changes from a year ago is the general trend towards increasing prices. In 2013, values fell in 39% of the locations featured, compared with almost 50% in 2012. Last year there was double-digit growth in 20% of markets. In 2012 this level of price rise occurred in just 15%.
Cities in Asia-Pacific have, by and large, performed particularly strongly, although government cooling measures have pulled back growth in Singapore and Hong Kong.
Another trend is the strong rebound of some of the markets like, Dubai (+17%), Madrid (+5%) and Dublin (+17.5%), that were hit hard by the global financial crisis.