Guangzhou in China has seen the biggest rise in luxury property prices, according to Knight Frank's latest prime global cities index which tracks the movement in prime residential prices across 41 cities worldwide.
The southern Chinese city led the ranking with luxury prices up 35.6 per cent in the 12 months to June 2017.
Other Chinese cities in the top five include Beijing and Shanghai. However, the index showed all three Chinese cities that took top spots have recorded a decline in annual growth compared with the rate seen last quarter.
Beijing recorded the largest drop – down from 22.9 per cent growth year-on-year in March to 15 per cent annual growth this quarter.
Although prices in prime central London, which ranked 38th on the index, fell 6.3 per cent in the 12 months to the end of June, the quarterly figure of minus 0.3 per cent was the lowest quarterly fall recorded since early 2016.
Knight Frank said: "While there was an element of hesitation ahead of the General Election on 8 June, anecdotal evidence suggests activity has been relatively healthy since this time."
The ranking showed 28 of the 41 cities recorded flat or rising luxury prices over the 12-month period, a figure that has remain largely static in last two years.
12-month percentage change
|1||Guangzhou||35.6 per cent|
|2||Toronto||20.7 per cent|
|3||Seoul||19.9 per cent|
|4||Shanghai||19.7 per cent|
|5||Beijing||15 per cent|
|6||Sydney||11.5 per cent|
|7||Madrid||10.7 per cent|
|8||Berlin||9.7 per cent|
|9||Cape Town||9.2 per cent|
|10||Melbourne||9.1 per cent|