Closer to a space vacation?
CNBC's Jon Fortt and Jane Wells run down today's hot topics, including space travel, e-cigarette promotion in the U.K. and the maker of "Candy Crush" files for an IPO.
Knight Frank also noted the rising trend for investing in space research, be it space travel or asteroid mining. The estate agent said it had identified 70 "wealthy individuals", with a combined wealth of over $200 billion, who are targeting the growing space sector.
(Read more: Precious metal hunters look to outer space)
Bailey told CNBC that increasing numbers of wealthy individuals defined in Knight Frank's report as those with at least $30 million in investable assets had shown interest in the space industry over the last 12 months. He named U.S. technology millionaires as early movers in investing in the space.
"This is a risky sector," Bailey said. "The people who are investing in the sector are aware that they are at the cutting edge of technology, but they are taking the view that the potential rewards are enormous."
According to Space Affairs, established in 2000 as the "world's first commercial space agency", suborbital space flight will be a possibility for both businesses and tourists within years, rather than decades.
"In the next few years, suborbital spacecraft will transport scientific payloads and passengers into space. In the foreground of scientific payload is the natural exploration of Earth and the development of new materials and the test of it," Space Affairs said on its website.
However, Bailey warned that it would be more than 10 years before any impact from space travel was felt on property markets, and that this would depend on affordability.
"It is more than a decade away when this would likely to have an impact; there are considerable hurdles to overcome technology-wise... the question is how quickly the technology is democratized in terms of price point," he told CNBC.
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