Knight Frank ranks Jakarta as the world’s top luxury property market

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Indonesian capital Jakarta has topped Knight Frank’s Prime Global Cities Index list of the world’s top thirty luxury markets for the second consecutive year. According to the real estate firm’s fourth quarter report, Jakarta’s luxury home prices rose by 37.7 percent in the last quarter of 2013 from the same period in 2012, when the city registered a year-on-year increase of 38 percent from 2011.
Liam Bailey, global head of residential research at Knight Frank, told the Wall Street Journal that Jakarta’s luxury residential market performance last year was largely driven by a “very limited supply” and “very strong” demand, “even if the Indonesian economy isn’t as strong as it was maybe two years ago.”
Meanwhile, neighbouring top-tier cities Singapore and Hong Kong placed 26th and 28th, respectively, citing recent government restrictions such as higher stamp duties as the main factor that “impacted the flow of Chinese money coming into those markets,” Mr. Bailey noted. Rounding out the top ten in the latest index are: Dublin, Beijing, Dubai, Los Angeles, Tel Aviv, Bangkok, San Francisco, New York and Sydney.
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