Luxury home market slows



The world's seemingly endless gluttony for luxury property might be waning. Prime property prices rose an average of 4.3 per cent in the year ended September 11, the smallest increase in the last two years, according to the Knight Frank Prime Global Cities Index.

That may sound like healthy growth, especially considering the economic woes still impacting so many of the world's economies. But there are several cracks visible in the bull market that gripped the luxury property business.

Only eight of the 21 cities tracked by the luxury home index reported a gain in the last three months. And Asia is no longer posting the same gaudy numbers.

Hong Kong actually fell 2.4 per cent in the third quarter, compared to the previous period,  and Beijing rose a pedestrian 2.2 per cent.

"Although the credit crunch and the resulting lending restrictions had a nominal effect on the prime market in 2008 and '09, issues of affordability have arisen, even among wealthy purchasers and a more cautionary climate is emerging," the report says.

The results were skewed by big gainers Nairobi, which jumped 25 per cent in the year, and Jakarta, which increased 15.1 per cent. London prices increased 11.4 per cent in the year.

The Middle East was flat for the year, with Abu Dhabi showing a 3.6 per cent decline and Dubai dropping 0.3 per cent in the year. Dubai prices fell 2.3 per in the six months ending Sept. 11, according to Knight Frank.

"Luxury homes in prime global cities will, we believe, retain their safe haven reputation, but they will attract fewer speculative investors seeking a short-term gain," Knight Frank concludes.

The biog

Age: 59

From: Giza Governorate, Egypt

Family: A daughter, two sons and wife

Favourite tree: Ghaf

Runner up favourite tree: Frankincense 

Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”

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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

The specs
Engine: 3.0-litre twin-turbo flat-six

Power: 480hp at 6,500rpm

Torque: 570Nm from 2,300-5,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 10.4L/100km

Price: from Dh547,600

On sale: now 

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

Company%20Profile
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