The South Korean capital of Seoul now tops the list for the city with the fastest growing luxury real estate prices.
The latest Prime Global Cities Index released by Knight Frank covering the first quarter of 2018 has shown Seoul luxury property prices rising by 24.7 per cent year-on-year when compared to the first quarter of 2017.
The report analysed properties that ranked in the upper five per cent in terms of price across 43 global cities.
Despite government-led regulations to rein in the real estate market, luxury residence prices in Seoul shot up nearly 25 per cent year-on-year in the first quarter, marking the fastest rate of growth worldwide.
This was despite various state measures including higher taxation targeting multiple home owners attempting to curb the heated Seoul real estate market.
Seoul had previously ranked in seventh place in the third quarter of 2018, and in third place in the fourth quarter.
Cape Town in South Africa ranked second after Seoul, with a year-on-year growth rate of 19 per cent during the first quarter of this year. Guangzhou in China, which had been at the top of the list in the second half of last year, dropped to third place with 16 per cent.
China also had a second city in the top five, with Shanghai tying with Berlin for fourth place. Both cities seeing luxury property price growth of 10.9 per cent year-on-year over the first quarter.
Paris, Madrid, San Francisco, Sydney, and Melbourne finished off the top ten cities in the index.
Other major cities long known for climbing property prices finished further down the list, with Hong Kong, Tokyo, New York, and London ranking 13th, 20th, 27th, and 35th respectively.
Overseas property investors may wish to investigate the list when choosing which global cities they should invest in for their property portfolios.