Knight Frank has published its latest prime global cities index tracking all changes in luxury residential property across 41 cities around the globe.

China’s Guangzhou has experienced the biggest rise in prime property prices as values increase by 35.6% in the year to June 2017.

London popular with Asian buyers

However, this wasn’t the only Chinese city that made it into the Top 5. Other highlights were Shanghai (ranked 4th) and Beijing (ranked 5th). At the same time, all of these three cities have also recorded a decrease in yearly growth rate when compared to Q1 2017.

Beijing saw the biggest decrease, from 22.9% in March to 15% now.

The UK’s capital, London, only came in on spot 38 in the ranking. And although prime property prices dropped by 6.3% annually, London’s quarterly decrease of 0.3% was the lowest fall recorded in more than one year.

Knight Frank reveals prime rent index

Overall, the index showed that 28 out of the 41 cities show increased or stable luxury property prices, which is a figure that has remained steady for the last two years.

Here are Knight Frank’s Top 10 cities for luxury property price growth:

1. Guangzhou: 35.6% annual increase
2. Toronto: 20.7% annual increase
3. Seoul: 19.9% annual increase
4. Shanghai: 19.7% annual increase
5. Beijing: 15% annual increase
6. Sydney: 11.5% annual increase
7. Madrid: 10.7% annual increase
8. Berlin: 9.7% annual increase
9. Cape Town: 9.2% annual increase
10. Melbourne: 9.1% annual increase