Interesting Reading – 2009 Wealth Report
The 2009 edition of The Wealth Report, the third such collaboration between the UK’s Knight Frank estate agency and Citi Private Bank, indicates that whilst luxury house prices have fallen around the world, the appetite of the super-rich for property remains undimmed.
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 quickly. Dubai, which recorded annual overall growth of almost 11%, saw prices fall by 19% in the last quarter alone.
According to PIRI, prime property in Monaco is the most expensive in the world costing an average of €55,000 per square metre for the best properties. London and Manhattan are placed second and third respectively.
The first Knight Frank World Cities Survey illustrates that New York and London are likely to remain the world’s leading financial centres, but Asian cities are catching up. In the same survey, London takes poll position for global influence by securing top-five positions in four key ranking criteria – “economic activity”, “political power”, “knowledge & influence”, and “quality of life”.
Despite house price falls, the Knight Frank/Citi Private Bank Attitudes Survey shows that almost 55% of High Net Worth Individuals (HNWIs) plan to increase their exposure to residential property over the next two years.
