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8. New York

$2,030 – 2,240 per sq. ft. ($21,800-24,100 per sq. m)

Average price change in 2012: -1.4%

Like London, New York epitomises "safe haven" for property market investors, and is therefore capable of weathering most storms.

Russians - long an important driver of the London market - are a growing force in New York, where they face competition from Chinese and Hong Kong buyers. According to Knight Frank, the housing market downturn in 2008 means U.S. luxury markets now appeal to investors looking for value opportunities, which they won't find in the Tribeca property pictured here, priced at $48 million.

Prime sales volumes in New York hit their highest level for 25 years in the final quarter of 2012, as the looming fiscal cliff and potential rise in the capital gains tax weighed on vendors' minds.

Source: Knight Frank