| Prices of luxury houses in Mumbai fell by 18% in 2011, the most among 23 world cities, according to a Knight Frank Prime Global Cities Index released on Monday. Although the global index rose by 3%, Asia fell by 1%. While prices in Mumbai fell the most (-18%), Nairobi (up 25%) was the strongest performer during 2011, said the report.
"Post the Lehman collapse, European and North American cities were largely responsible for the index's slump. Since late 2010, it has been the Asian cities which have dampened price inflation. In Q2 2010, prices in Asia Pacific were rising at an average rate of 23.6% each year, the comparable figure now stands at -1%," it said...............................................Full Article: Source
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