A group of cities – Beijing, Shanghai, Sydney and Paris, comes in joint second place, with a forecast rise of 5 to 10 per cent. London, often a magnet for international wealth, is forecast to rise by less than five per cent in 2014; New York prices will remain flat, and Singapore and Geneva will drop by less than 5 per cent, and Hong Kong will fall by 5 to 10 per cent. (Both of these last two Asia cities have taken steps to curb property speculation in recent times.)

In looking at the risks and opportunities facing property buyers and investors over the coming year, Knight Frank said worries about the eurozone cracking up have been replaced by concerns about rising interest rates and government intervention to restrict property transactions.

“Opportunities in 2014 are focused more on a local rather than a macro level. An improving local economy as well as the search for regional safe havens is considered the best means of boosting investment and driving inward capital flows,” the report said.