The latest (Q2 2015) Prime Global Cities Index by Knight Frank, which tracks luxury residential price movements across 35 cities worldwide, has revealed that prime property has been rising for 22 consecutive quarters but the pace of growth has almost halved in the last year with annual growth falling from 5.2% to 2.5%.

Kate Everett-Allen at Knight Frank says: “Closer analysis shows that whilst more cities are recording positive annual price growth the number of exceptionally strong performing markets has declined. A year ago eight cities recorded double-digit annual price growth (with Jakarta and Dublin exceeding 20% per annum), this quarter only four cities fell within this bracket.

“Vancouver, Miami and Sydney are the top performers this quarter with prime prices increasing by 15%, 14% and 13% respectively in the year to June. Low interest rate environments, expanding economies and safe haven capital flows have proved influential market drivers.

“Asian cities (with the exception of Singapore and mainland China) are rising up the rankings with seven of the top ten cities now based in the Asia Pacific region. Monaco is Europe’s top-performing city. The Principality has seen an upturn in sales in the last 12 months which has pushed prime prices up by 7% in annual terms. According to IMSEE, Monaco’s statistics office, total sales volumes reached €2bn in 2014, exceeding 2007’s peak.”