Dubai and Monaco were among the top 15 global cities with lowest property tax costs, as London remained the most important city to the world's wealthy, according to Knight Frank.
In its prediction for 2016, the UK-based consultancy expected Sydney to outperform the world’s top global cities in 2016.
“As we enter a new era of rising interest rates, greater regulation and potentially lower returns, it will be interesting to see which cities’ prime residential markets will outperform. Events in the world’s two largest economies look set to dominate the proceedings in 2016.
“The scale of the slowdown in China and the recent US interest rate rise will determine the performance of property markets across developed and emerging markets alike over the next 12 – 18 months,” said Kate Everett-Allen, Partner, International Residential Research, Knight Frank.