Jakarta and Dubai are two of the most important cities in the world

 Gains in the price of luxury homes are on the rise. buy and sell qatar

The price of luxury residences in Jakarta grew 27.2 percent year over year in the second quarter, putting the city at the top of Knight Frank's Global Cities Index for the third quarter in a row.

According to Knight Frank's newest study, the average price of luxury residences in major worldwide cities climbed by 2.4 percent in the second quarter, compared to a 0.4 percent fall in the first quarter.

In the report, Kate Everett-Allen, worldwide residential research, stated, "The index now stands 27 percent above its financial crisis low in the second quarter of 2009 and has produced its best quarterly rise in three years."

The top five cities for luxury home price gains in the past year were Dubai, Shanghai, St. Petersburg, and Tel Aviv. Prime property prices climbed by 5.6 percent in the year to June in the 28 cities tracked by the index.

Europe continues to be the index's worst-performing area, with Rome, Paris, and Madrid occupying the bottom three rankings. During the quarter, prime residential prices in Europe declined by 0.9 percent. However, this is in contrast to a drop of 3.4 percent a year before. According to Knight Frank, some European economies are proposing "Golden Visas" and tax incentives to entice overseas businesses.

Asian governments, on the other hand, are attempting to slow price increase in major markets, but their efforts appear to be having just a minor impact. Despite Singapore's various cooling measures, luxury prices rose 5.5 percent in the third quarter, owing primarily to one property, Twentyone Anguilla Park.

A major Chinese developer signs his first deal in the United States.

Shanghai-based Greenland Holdings Group has purchased a $1 billion interest in a downtown Los Angeles project, marking the latest example of Chinese cash flowing overseas.

According to Bloomberg, the California State Teachers' Retirement System sold its stake in the 25,600-square-meter Metropolis development, which will contain hotels, offices, and luxury residences.

1.jpg (metropolis)

The purchase is the state-owned Greenland Group's first in the United States, after the company expressed interest in doing business in the United States earlier this year. Greenland stated in an emailed statement to the media that it was the largest deal of its sort by a Chinese developer in the United States.

The agreement is also the latest indicator that Chinese businesses are attempting to diversify their operations. According to Jones Lang LaSalle, Chinese foreign commercial investments have surged at an unprecedented rate, exceeding $4 billion in 2012 and continuing the trend in 2013. Many Chinese developers are attempting to diversify their portfolios in order to meet the growing demand from Chinese migrants and investors.

According to the Wall Street Journal, Greenland, one of China's major developers, aims to purchase nearly ten property developments in the United States, Australia, Thailand, and the United Kingdom.

"Go to an area where you have a competitive edge when growing abroad," Zhang Yuliang, chairman of Greenland Group, told the Wall Street Journal. "We prefer locations with a high concentration of Chinese investors, migrants, tourists, and students, since this will ensure the project's sales and operations."

According to the Wall Street Journal, Greenland Group plans to invest 10 billion yuan ($1.63 billion) in overseas property projects this year. In March, it bought a residential-hotel project in Sydney, Australia.

Metropolis-L.A. is slated to begin construction later this year.