13 Feb '14, 7am

Jakarta still top luxury property hotspot

Jakarta remains the world's hottest luxury property market with prices in the city’s high-end segment soaring 37.7 percent in 2013, according to Knight Frank’s Prime Global Cities Index which was reported in the media. Liam Bailey, global head of residential research at Knight Frank, attributed skyrocketing prices in the Indonesian capital to “very strong demand” and “very limited supply”. Last year was the second consecutive year that Jakarta occupied the top spot. In 2012, luxury home prices had risen 38 percent. Following behind are Dubai and Beijing, where prime housing prices rose 17.5 and 17.1 percent respectively. Dubai took fourth spot, while Los Angeles grabbed fifth position. Meanwhile, Hong Kong and Singapore – Asia’s hottest real estate markets three years ago – have cooled mainly due to government measures aimed at curbing speculation and foreign buying. Baile...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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