WATCH: Luxury prices are skyrocketing in these 5 cities

From TRD New York: On a global level, Miami’s luxury market is rising, while New York City’s is beginning to lag behind. According to Knight Frank’s Prime Global Cities Index (released Monday) prices for New York’s most expensive pads remained flat in the first three months of the year, while high-end home prices exploded in competing global cities.

The index, which follows luxury residential property prices across 41 international cities ranked Miami at 14, up 4.1 percent, and New York City at 22 with an increase of just 1.7 percent from last year. Chinese cities, on the other hand saw among the greatest increases.  In Shanghai, for example, prices increased almost 23 percent, while Beijing’s luxury sector saw an increase of 20 percent.

To see the 5 cities with the highest growth in luxury residential prices, watch the video above.

For more videos, visit The Real Deal’s YouTube page.