Luxury properties in Old World cities, such as London, New York and Moscow, are outperforming the overall market, according a report by real estate consultants Knight Frank. The overall luxury market rose 3 per cent last year, but prices in Asia-Pacific fell 1 per cent. Hong Kong prices rose 6.6 per cent overall last year, but fell 4.4 per cent in the second half of the year. Despite economic uncertainties, luxury markets around the world are expected to do better than the overall market.