The Citi Private Bank report commissioned from Knight Frank provides a fascinating snap-shot of global property markets, and relative performance in the fourth quarter of 2008.
The biggest falls in residential property prices were in Hong Kong (-26.8%), Home Counties (-19.4%, the region surrounding London), London (-16.9%) and Dubai (-19.1%).
Annual gains
But the fall in the fourth quarter was insufficient to totally wipe out annual property price gains in three cities: Moscow (+13.1%), Shanghai (+5.2%) and also Dubai (+10.8%). Aside from Dubai the other property markets that slumped in the fourth quarter were all down for the year: Hong Kong (-24.5%), Home Counties (-10.2%) and London (-9.4%).
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