Two major Indonesian cities have the top two spots where prices on luxury residential real estates rose and outcompeted 20 other cities, reported Business Insider.
View whole list here.
Jakarta, Indonesia's capital and Bali, the place Julia Roberts resorted in "Eat, Pray, Love," were highly ranked on the Knight Frank price growth index list of the world's luxury real estate markets.
Knight Frank is one of the leading real estate consulting firms and provides coverage of markets in Europe, Asia Pacific, Africa, the Middle East and the Americas, according to their website.
Jakarta's prices increased 38 percent over the years and finished No. 1, while Bali came in at second with Dubai, both increased by 20 percent in the price of luxury real estate between 2011 and 2012.
"Jakarta benefited from continued strong GDP growth, which has stood at or above 6 percent for five out of the past six years and, in particular, from rapid growth in middle-class wealth," the firm said in a statement to Business Insider. "Increased access for non-resident purchasers could help sustain the trend through 2013."
The prices were substantial in Jarkata. It was no joke to anyone, when it went from $250 per square foot to $346 per square foot. Bali tells a similar story, prices went from $224 per square foot to $269 per square foot, reported Business Insider.
Nearly a third of the cities indicated in the Knight Frank's report showed price growth in 2012. The Asia-Pacific region did the best overall, while Europe had a hard time reaching the top.
The gap between the strongest and weakest is the result of the global financial crisis, according to Knight Frank.
"The search for safe haven investments has continued to propel prices higher in key global cities," the firm said. "Some of the markets worst hit by the global financial crisis appear at long last to be recovering; and the impact of growing global wealth flows has kept governments busy in their attempts to limit price growth and deflate nascent real-estate bubbles before they explode."
Still the most expensive places to live right now is not Indonesia. Knight Frank found it costs $5,350 to $5,920 per square foot to live in Monaco, making it the most expensive place to buy luxury property.
