From BusinessWeek.com
Luxury homes became more affordable last year as the financial crisis eroded prices from Monaco to Barbados, according to Knight Frank LLP.
Prime real-estate values at 56 locations declined by an average of 5.5 percent, the London-based property broker said in a report published today. Monaco was the most expensive market for the second year in a row, followed by London and Paris.
Wealthy individuals put off making purchases in 2009 because of concern about the economy, Knight Frank said. Prices of properties in the countryside, coastal locations and ski resorts, often bought as second homes, fell by at least 12 percent. The biggest declines were in Dubai, in the western part of Portugal’s Algarve, in Palma on the Spanish island of Mallorca and in Dublin. Values in each of those markets fell at least 22 percent.
Read all about it> World’s Luxury-Home Prices Drop …
