Emerging economies influence global property market

As per the Wealth Report 2012 by Knight Frank and Citi Pvt. Bank, creation of wealth is booming in the emerging world at a time when the developed world is debt-ridden and living in austerity. The fact that so many top-end properties from Monaco in Bangkok and Miami in Florida, US, are being bought with wealth from Bric (Brazil, Russia, India and China) nations and beyond further indicates the simple transfer of economic power suggesting an increase every year. Back home, Mumbai and New Delhi were listed among the fastest growing important cities. Last year, Mumbai witnessed a fall in prices because of hike in key policy rates, weak economic growth and high inflation. However, the prices are expected to be stable in the coming quarters. The average price in Mumbai during the fourth quarter of 2011 was R57,500 per sq. ft.

Also See: Emerging economies influence global property market (pdf)