JAKARTA: Property prices in Jakarta along with Miami, London, and Nairobi were four major cities in the world with property price growth above 10%.
Property prices in Nairobi is the highest price with growth rate in the first quarter of this year reached 24.2%, compared with same period previous year.
Jakarta was in the second place with 14.3% growth rate over the same period, followed by Miami with 13.9% and London with 11.9%.
These four cities were competing to achieve biggest growth in property prices when the world's property price index faced a chronic decrease.
This was revealed in a survey conducted by Knight Frank, one of the leading real estate consulting firms in the world, headquartered in London, as quoted by worldpropertychannel.
According to the survey, there were other cities who also achieved high growth rate, though their value was below 10%. The other cities were Manhattan of 9.2%, Moscow of 5.7%, Zurich of 3%, Beijing of 2.9%, Cape Town of 2.9%, Dubai of 0.3% and Los Angeles of 0.1%.
Meanwhile, according to the survey again, there were also several cities which experienced a decline in prices, such as Mumbai and Sydney which fell by 9.1% and 9% respectively.
Kuala Lumpur also dropped by 8.8%, followed by Tel Aviv with 8.1%, Monaco with -7.7%, Shanghai with -7.5%, Geneva with 5%, Paris with -4.5%, Madrid with -4.3%, Singapore with 2.2%.
According to data from Knight Frank, overall property prices in major cities in the world fell by 0.4% in the first quarter of this year.
In the assessment of Knight Franks, the realization in the first quarter of this year was a portrait of the biggest property price index decrease for the first time since the recession of 2009.(T03/aph)