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Asia dominates the list of top 10 global cities with booming luxury residential property markets, a new report shows. The Wealth Report, from property consultants Knight Frank, reveals the Asia-Pacific region’s prime property markets are booming while a weaker Europe continues to lose speed.

According to the report’s Prime International Residential Index, Indonesia outranks the rest of the world: with Jakarta and Bali featuring taking first and third place on the list of top luxury real estate hot spots.

This list of the fastest growing luxury property markets proves emerging markets are the world’s investment hotspots.

1. Jakarta, Indonesia

Rate of growth in the prime residential market: 37.7%

With 38% growth in the past year, the Indonesian capital is the world’s fastest-growing luxury market for the second year running. The country also has one the fastest growing wealthy populations, with the total number of billionaires expected to increase nearly 150% over the next decade.

“Price growth in Jakarta is supported by limited supply while demand has remained strong. This is despite a slowing in Indonesia’s economic growth and the uncertainty created by the forthcoming presidential election in July this year,” Hasan Pamudji of Knight Frank Indonesia says in the report.

2. Auckland, New Zealand

Rate of growth: 28.8%

Strong economic performance – led by GDP growth of over 3% in 2013 – saw two New Zealand cities make this year’s list of top prime residential markets. Knight Frank New Zealand managing director Layne Harwood also pointed to greater inward migration fuelled by returning expats.

3. Bali, Indonesia

Rate of growth: 22%

Bali claims third place on the list, ensuring Indonesian cities continue to outrank the rest of the world for their booming luxury property markets.

4. Christchurch, New Zealand

Rate of growth: 21.4%

The second New Zealand city in the top five, Christchurch makes the cut as one of the top luxury hot spots in the Asia Pacific region.

5. Dublin, Ireland

Rate of growth: 17.5%

Ireland’s property market continued to show signs of recovery, with its capital registering nearly 20% growth in high-end prices on the back of modest increases in 2012. In fact, Dublin was the only European city to make the list: the wider region accounted for 80% of locations where high-end residential prices declined in 2013.

6. Beijing, China

Rate of growth: 17.1%

Ranked sixth on this list, Beijing is vying for the crown in another arena: the city is competing with Hong Kong, Shanghai, and Singapore for the title of Asia’s leading global city.

7. Dubai, United Arab Emirates

Rate of growth: 17%

Despite recording recent price increases, Dubai’s luxury property market remains affordable in global terms: US$1 million will buy 146 square meters of prime property in the city, compared to only 15 square meters in Monaco or 20.6 square meters in Hong Kong.

8. Abu Dhabi, United Arab Emirates

Rate of growth: 15%

The UAE capital has also seen luxury property prices soar, with high-end apartments witnessing the most growth as the gap between expensive and low-cost housing widens in the city.

9. Guangzhou, China

Rate of growth: 14.2%

Yet another sign of China’s economic prowess, Guangzhou’s luxury property market has experienced growth both in terms of sales volume and prices since late 2012.

10. Los Angeles, United States

Rate of growth: 14%

Los Angeles rounds out the top 10 as the only North American city on the list. However, the report shows prices rising across the US prime market, with double-digit growth seen in LA, San Francisco, and New York last year.

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