Dip in prime real estate prices worldwide
For the first time since the start of the property slump the average price of prime real estate around the world has taken a hit.
Data collected by Knight Frank’s Prime Global Cities Index shows that the price of prime properties in major cities around the world fell by almost 0.5 per cent during the first quarter of 2012 – this is the first time quarterly values have fallen since 2009.
Industry insiders believe the markets have been adversely affected by several factors including the on-going Eurozone debt crisis and several major political elections. In the face of uncertain economic conditions it is fair to suppose that a number of top notch property investors are holding back on their investment choices until things improve.
However some property markets are still flourishing and these include the London property market and those in Jakarta, Miami and Nairobi. Looking at the coming months the global market for prime property is expected to remain below par.