But those days are a thing of the past, according to Liam Bailey, head of residential research for worldwide property adviser Knight Frank.

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By and large, the top-tier cities do not change much year to year, says Liam Bailey, head of residential research for Knight Frank.

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Such buyers would have a five- to 10-year outlook, says Liam Bailey, head of residential research at Knight Frank, an international property services company.

FORBES: Real Estate