11 Cities Where The Super-Rich Keep Driving Real Estate Prices Higher

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As debt woes mount across Europe, and economic uncertainty continues in the U.S., property prices in prime city markets has slowed to about 7% in Q2 2011, from about 14% a year ago, according to a new report by Knight Frank.With Asian countries introducing regulatory measures to curb home sales and inflation, prime markets have seen property prices grow at a slower pace.

On annual basis, the Knight Frank Prime Global Cities Index rose by 6.8% in the first half of 2011, down from 13.5% a year ago.

We picked the top 11, of the 14 prime markets, and only Singapore and Zurich showed a slowdown in prices. Kiev which was in the ninth spot the last time around, slid to fourteenth with a 5.9% drop in prices in the second quarter.

#11 Geneva

Annual change: +2.1%

Luxury home prices grew 0.9% in the first half of 2011, and were up 3.2% in the first quarter.

Source: Knight Frank Residential Research

#10 Singapore

Annual change: +3.4%

Luxury home prices fell 2% in Q2 2011, from the previous quarter.

Source: Knight Frank Residential Research

#9 Moscow

Annual change: +6.3%

Luxury home prices grew 2.1% in Q2 2011 and were up 5.9% in the first half of the year.

Source: Knight Frank Residential Research

#8 New York (Manhattan)

Annual change: +6.8%

Despite falling 6.3% in the first half of 2011 compared with a year ago, luxury home prices jumped 3.6% in Q2 2011, from the previous quarter.

Source: Knight Frank Residential Research

#7 Zurich

Annual change: +7.4%

Luxury property prices in Zurich fell 0.3% in the first quarter, but were up 2.3% in the first half of the year.

Source: Knight Frank Residential Research

#6 Shanghai

Annual change: +7.7%

Despite cooling measures put in place by the government for China's high and low-tier cities, property prices seem to be rising. In Shanghai, luxury home prices have been up 2.4% in the first half of the year and up 1.3% in the second quarter.

Source: Knight Frank Residential Research

#5 London

Annual change: +8.3%

Despite a recent increase in the supply of luxury properties in London, prices were up 3.4% in the second quarter.

Source: Knight Frank Residential Research

#4 Beijing

Annual change: +8.9%

Despite the government's regulatory measures, luxury home prices in Beijing grew at a faster rate than they did in Shanghai. Luxury home prices in Beijing were up 6.6% in the first half of the year, and 2.7% in the second quarter.

Source: Knight Frank Residential Research

#3 Paris

Annual change: +10%

Luxury home prices grew a slower pace in Paris and didn't change in the second quarter of the year, but prices reached their pre-recession peak. Foreign demand for prime Parisian property has remained high with interest from the Middle East, specifically Syria.

Source: Knight Frank Residential Research

#2 St. Petersburg

Annual change: +12.2%

St. Petersburg has posted positive annual luxury home price growth since Q1 2010. Prime property prices were up a 8.4% since the last quarter, and 17.3% in the first half of the year, driven by a marked improvement in economic and business sentiment in Russia since the start of the year.

Source: Knight Frank Residential Research

#1 Hong Kong

Annual change: +16.1%

Prime property prices were up 2.8% from the last quarter.

Source: Knight Frank Residential Research

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