New York was followed by Aspen, Bali, Istanbul and Abu Dhabi, which saw gains of between 14.7 percent and 16 percent.

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San Francisco, Dublin, Cape Town, Muscat and Los Angeles rounded out the top 10, with price advances between 13.2 percent and 14.3 percent.

“Asian growth has moderated for a variety of reasons. Macro-prudential tools, introduced to cool residential markets, continue to have an impact. This is evident most notably in the markets with ongoing weak growth such as Hong Kong and Singapore,” said Nicholas Holt, head of research for Asia Pacific at Knight Frank.

“Government policy has been deliberately aimed at limiting price rises through higher taxation and mortgage market intervention,” he said.

Beijing and Guangzhou, previously in the top 10, have now slipped to the middle of the Prime International Residential Index – which tracks the price performance of 100 of the world’s key luxury markets. Singapore, meanwhile, has fallen almost to the bottom of the charts.

Despite the slowdown in China’s economy, wealthy emigrants from the mainland continue to be a significant force in global luxury real estate market, said Holt.

Around 76,200 Chinese millionaires are estimated to have emigrated or acquired alternative citizenship in between 2003 and 2013.

Going forward, Mexico, Indonesia, Nigeria and Turkey will become major suppliers of ultra-high net worth individuals hungry to buy high-end international property,” Holt said.

“Indonesian buyers will become a much more serious force in Australia and the wider Asia-Pacific region in 2015.”

Source (http://www.cnbc.com) Ansuya HarjaniWriter, CNBC Asia