Prime property in five cities - Jakarta, Dubai, Miami, Nairobi and London - recorded double-digit price growth in the year to September, according to research by Knight Frank . While buyers await clearer signals as to the downside risks for the global economy, luxury bricks and mortar look to be retaining their safe haven status.

The Prime Global Cities Index shows that while 58 per cent of cities recorded flat or positive price growth in the 12 months to September, this had risen to 77 per cent in the third quarter. Cities in Europe were the weakest performers, recording a fall of 0.5 per cent on average over 12 months.

The results suggest that demand for luxury homes is only loosely linked to the strength of regional economies. Instead, the firm says, flow of international wealth and the attitudes of HNW individuals are increasingly influential. Cities such as Dubai, Miami, Nairobi and London are increasingly considered investment hubs for HNW individuals in their wider regions. In the wake of the Arab spring, Dubai has been seen as a relative safe haven for buyers from the Middle East and North Africa, while Venezuelan and Brazilian investors have looked to Miami to limit their exposure to domestic political and economic volatility.

The Knight Frank Prime Global Cities Index monitors the performance of prime property markets across key global cities. Prime property corresponds to the top 5 per cent of the mainstream housing market in each city. The index is compiled on a quarterly basis using data from Knight Frank’s network of offices and research teams.