London has fallen to 23rd place in a league table that measures "prime" house prices in cities around the world.
The study, by property company Knight Frank, found prices in central London had increased by only 0.8pc in the year to March, the lowest reading since October 2009.
The analysis also measured a 0.6pc fall in prices for the six months to March.
The firm said the slowdown was a result of increased stamp duty on second-home buyers, introduced on 1 April, and because the market had experienced a "preceding period of exceptional growth".
Prime prices across the 35 cities included in the study rose by an average 3.6pc.
Kate Everett-Allen, a partner at Knight Frank, suggested top-end property markets were demonstrating more stability.
“Since 2014 the index has consistently recorded annual growth of 3-4pc with no city recording double digit annual price declines since the second quarter of 2015,” she said.
Four cities registered double-digit growth.
Vancouver saw the biggest increase, with prices up 26pc in the year to March due to "a severe lack of supply". An increase in land transfer tax, from 2pc to 3pc, on all purchases above $2m from February had "dented sale volumes".
Other markets flourishing included Shanghai, Sydney and Melbourne.
Ms Everett-Allen said: "Record-low interest rates and cheap finance fuelled demand in Shanghai leading to price growth of 20pc year-on- year, however, in March the government tightened mortgage lending rules which is likely to result in slower growth in the second quarter."
Cities in Australasia covered in the research rose by an average 12pc, the highest for any region.
Property values in some global cities that attract skilled workers and capital have become detached from national property markets, and national economies, in recent years.
On traditional measures, inflated city prices have led to some national markets becoming overvalued.
A study conducted by The Economist last month found homes to be more then 40pc overvalued in Australia, Britain and Canada. The valuation was based on two measures - rents and wages - which were compared with historic averages.