Leading property hotspot Dubai, UAE, has slipped out of the rankings of the best-performing luxury real estate markets across the globe compiled by top property consultancy Knight Frank, said a report.

The Canadian city of Vancouver retained its status at the top, reported the Gulf News, citing the latest update from Knight Frank.

In the 12 months to September, Vancouver’s priciest real estate gained 31.6 per cent. It was followed by Shanghai (China) and Seoul (Korea),  stated the report.

Across the board, it’s not been a smooth ride for luxury, as factors such as higher taxes, political uncertainties and investor concerns about bubbles slowed investment flows into these assets, it said.

According to the report, Dubai was at the top of the Knight Frank luxury property rankings in 2013-14.
 
“Economic jitters” have taken hold, said Knight Frank in its report, with new taxes being imposed in Vancouver and Toronto (Canada), as well as in Sydney and Melbourne (Australia).

Another market to see higher stamp duty on property transactions - London - also had to worry about Brexit. Prime prices in London are down 2.1 per cent in the year to September, it added.