Budapest (24.2%) has been usurped by the Chinese city of Xi’an (25.1%) this quarter as the city with the highest rate of annual growth according to the latest results from the Knight Frank Global Residential Cities Index. Overall, the index continues to track lower recording average growth of just 3.5% in the year to June 2019, down from a high of 6.7% at the end of 2016. Rising economic uncertainty, trade tensions, political crises and affordability concerns are leading to weaker sentiment in mainstream housing markets.