Miami, London, Nairobi, and Jakarta are among the most populous cities in the world.

 

Bucket In Q1, the value of prime residential property in the world's major cities fell, indicating a global price trend. property qatar

The value of prime property in the world's major cities dropped by 0.4 percent in the first quarter of 2012, according to Knight Frank, a London-based real estate consultancy company. This is the index's first quarterly decline since the global financial crisis.

The results of the Global Markets Residential Price Index for the first quarter of 2012 are as follows:

In the first quarter of 2012, the index fell for the first time since 2009, with prices dropping on average by 0.4 percent.

In the 12 months leading up to March 2012, the index increased by 1.4 percent.

Prime markets in North America performed well, with prices rising 7.7% on average over the last year.

Nairobi was the best-performing city in the last year (up 24 percent).

Dubai's prices have risen the most in the last three months (up 4%).

Despite being a watershed moment, the index's negative quarterly growth is unsurprising. Since the first quarter of 2010, quarterly price growth has been below 2%, averaging just 0.6 percent in 2011.

In the first three months of 2012, there was no new energy. The Eurozone debt crisis remained at the forefront of the global economic agenda, several key elections (Russia, France, and Greece) loomed ahead, and Asia's highly successful cooling measures showed no signs of easing. Against this backdrop, several high-end investors sat on the sidelines to watch the market's progress.

Despite the overall index's sluggish results, four prime markets, Nairobi, Jakarta, Miami, and London, saw double-digit growth over the past year. The fact that the top five performing cities is spread across four continents is perhaps most shocking, with North America being the only continent to appear twice.

London and Singapore, both of which resisted the imposition of new stamp duties in the first quarter of 2012, are evidence that the prime markets are still resilient. Despite the stamp duty increase to 7% for individuals buying homes above £2 million in London, both rates and applicant numbers increased.

According to Nicholas Holt, Knight Frank's Asia-Pacific Research Director, the new 10% stamp duty for foreign buyers in Singapore, which went into effect in December 2011, reduced demand but not prices. Nicholas makes the following observation: "In Q1 2012, prices at the very top end of the Singapore market not only remained steady, but also increased marginally. This was attributed not only to strong domestic demand, but also to affluent Chinese, Indonesian, and Indian buyers who were unaffected by the surtax and continued to buy in this segment of the market."

The overall index, according to Knight Frank, will remain subdued in 2012, fluctuating between modest price falls and rises (with London, Moscow, Jakarta, Nairobi, and Singapore set to be the best performers), but it does not appear likely that we are on the verge of a new deflationary period in luxury global house prices.

The case for a safe haven still holds water. "Despite the overall index's sluggish results, four prime markets achieved double-digit growth over a 12-month span," said Kate Everett-Allen, head of international residential research at Knight Frank.

 

The Nikki Beach Resorts brand is expanding into Asia-Pacific.

In Asia-Pacific, Castlewood Group Singapore continues to expand its high-end resort assets. Nikki Beach, the company's well-known lifestyle brand, will open a hotel, spa, and beach club in Phuket in 2013. Phuket is a Thai island off the southwest coast.

According to the company's news release, Nikki Beach plans to operate and grow the brand with Castlewood Group in Singapore, Koh Samui (hotel property), Bali, Langkawi, and Hai Nan, where it already has a profitable beach club.

"We are thrilled to be a part of the expansion of this hugely exciting and influential brand in Asia, and to provide our investors with the opportunity to become a part of the Nikki Beach lifestyle," Castlewood Group CEO Chris Comer said.

"Our first offering to the market will be The Nikki Beach Club plus The Nikki Beach Hotel and Spa in Bang Tao, Phuket, which will include a five-star hotel with 151 luxury suites and a mix of 23 sky villas and exclusive villas, all with private pools and gardens."

Nikki Beach pioneered the beach club model in 1998, combining dining, fashion, art, music, and entertainment, and was dubbed the 'Sexiest Place on Earth' by the London Observer.

After more than a decade, the Nikki Beach concept has expanded beyond its international locations to become a global luxury lifestyle brand. Nikki Beach Lifestyle includes a clothing line, global gatherings such as the prestigious Cannes and Toronto Film Festivals, as well as a Nikki Beach music label, VIP membership and concierge service, and a hotel and resort division.

The Nikki Beach brand can be found in 12 cities across nine countries: Miami Beach, FL; St. Tropez, France; St. Barth, French West Indies; Marbella, Spain; Cabo San Lucas, Mexico; Marrakech, Morocco; Koh Samui, Thailand; Mallorca, Spain; Cannes Film Festival, France; Toronto International Film Festival, Canada; and the 2012 London Olympics.

Several civic groups have credited Nikki Beach founder Jack Penrod with transforming once-sleazy Miami Beach into an international celebrity hotspot.