Prices of luxury homes fell by 18% last year

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.

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