International money transfer could facilitate 'buying opportunities'

Luxury property prices have fallen around the world, according to the Wealth Report from Knight Frank.

The report revealed that people who are considering making an international money transfer in order to buy a property abroad may not need to move as much money.

Some favourite relocation areas, including the Italian Lakes and Provence, fell by as much as ten per cent over the course of last year.

Liam Bailey, head of residential research at Knight Frank, commented: "Current price falls will be viewed by many as a buying opportunity, but as the data from our Prime International Residential Index shows, these windows of opportunity do not always remain open for long."

However, not all countries fell. Cities in the emerging markets, such as Hong Kong and Shanghai, grew by over 40 per cent.

While some investors have suggested that this could be a blip, a recent report from Batterymarch Financial Management has suggested that the emerging markets are unlikely to experience a growth bubble as over the past few years they have demonstrated "excellent staying power".

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Posted by Chris Barber