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A Barcelona penthouse and a New Zealand vineyard are amongst these ultra-luxury properties now priced near the million-euro mark.

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LONDON — When a sumptuous two-bedroom quarters on St. Petersburg, Russia s Square of Arts prototypal went on sale in October 2008, it was listed at 1.8 million euros . At the start of August 2009, the price label was chop to 1 million euros –and the property is balance replete with ornate balustrades, chandeliers and 24-hour security.

“The St. Petersburg market is in a bad position correct now,” says Alexander Belyaev, managing partner at Realtor Engel & Voelkers, St. Petersburg, who estimates prices have tumbled between 35% and 50% in the past year. Another property speculate on the market for 2.9 million euros sold for just 1.5 euros , he says.

That seems to contradict headline figures for Russia, since Knight Frank s Global House Price Index says property prices rose 3.6% year-over-year. But in other countries too, nationwide information is coating up shrewd dips in the property market as higher-end properties are brought down to the one-million-euro price point, from Buenos Aires to Hong Kong to Dubai to Mumbai.

A year ago, 1 million euros would have fetched a tiny one-bedroom insipid near London s Trafalgar Square, except at this point in 2009, it ll get you a 1,400-square-foot, two-bedroom quarters in celebrity hotbed Hampstead. Even allowing for currency fluctuations, that s a large difference.

“We have seen a large transfer in the prime markets in zone-one and zone-two regions, which were maybe most dependent on bonus money,” says Lucian Cook, head of residential survey at British Realtor Savills, referring to London s halfway commuter zones. While unspecified regions of the city, such as the halfway south west, have begun to see a bit of a recovery, he expects the fluctuations to continue over the next 12 months.

In New York, property prices round the 1-million-euro mark have fallen 20% to 30% between the third quarter of 2008 and the second quarter of 2009, whereas sales preparation has halved, according to Jonathan Miller, chief executive of New York-based real property consultancy Miller Samuel. There has been unspecified pick-up since June, except mainly in the first-time-buyer species at lower price points. According to Knight Frank data, U.S. property prices fell 16.9% in the prototypal quarter.

“This was a combination of pent-up demand from the shortage of preparation for the prototypal half of the year coupled with historically devalued mortgage rates, whereas the Fed has done everything it may to get customers to start the market with things like assess credits for first-time buyers,” says Miller. A year ago, 1 million euros would have fetched a one-bedroom duplex on Central Park West; this year it will buy you a two-bedroom, 1,400-square-foot pad on Park Avenue.

It s a identical portrait over on U.S. s West Coast, where a stunning four-bedroom home on San Francisco s Steiner Street, one of the most photographed areas of the city, is on the market for 1 million euros. While the Detroit was slow to feel the ache of the U.S. housing slump, property prices are now down 20% to 25%, says Jay Costello, chair of local Realtor Hill & Co. “And I don t think we are yet at the bottom.”

But price changes in the U.S. pale in comparison to the tremendous movements in Dubai. Between September 2008 and January 2009, prices fell 75%. And so far this year, high-end property prices have frfuse by as much as another 50%, says Jack Whisker of Dream Property Dubai.

There has been unspecified recovery in demand for properties that have already been built, such as the Marina area, except a 1-million-euro budget in Dubai now has the buying power for a six-bedroom, 5,100-square-foot villa.

Perhaps it s not surprising that these market Guaira have brought out deal hunters. Engel & Voelkers Belyaev says he s seeing a rising number of Russians elsewhere alive in Europe seeking out bargains in the heart of St. Petersburg where they could cost a few weeks a year. “Those who have cash correct now could buy real bargains–the best real property for the cheapest price.”

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