Knight Frank’s Global Residential Cities increased by 6.1% in the year to June 2017, down from 6.9% last quarter.

In other areas of the globe, Toronto topped the annual rankings, however a new foreign buyer tax may curb future growth.

Meanwhile, cities in China now occupy three of the top ten spots, down from seven last quarter. Along with this, cities in the BRIC nations are, on average, outperforming those in developed nations.

In terms of average price change, Russia/CIS, Latin America and Africa are the weakest-performing world regions.

Kate Everett-Allen, partner, international residential research at Knight Frank, commented: “Long-term frontrunners such as Hong Kong, Reykjavik, Wellington and Budapest are holding firm this quarter, but we have seen some new contenders rise up the rankings, most notably key Indian cities.”