Cape Town isn’t the only city where a multiyear housing boom turned to bust last year. A slowing global economy, ongoing geopolitical tensions, rising property taxes and a surplus of luxury homes for sale weighed on price growth in a number of upper-end neighbourhoods across the globe, international property group Knight Frank reveals in its latest annual "Wealth Report".

In fact, the 100 cities that Knight Frank tracks in its prime international residential index achieved average house price growth of only 1.8% last year. Though that was up marginally from 1.3% in 2018, it’s still some way off the 2.8% in 2013, and the 5%-plus recorded prior to the 2008 global crisis.

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