Berlin to impose five-year rent freeze from January

But 'the structural under-supply of new accommodation in major cities means rents are likely to rise faster than trend levels over the next few years,' says Knight Frank's research chief.

'Most of these 25 cities have outperformed 2019 rental values and look set to continue growing this year,' says Savills.

Hong Kong is still the most expensive city in the world to rent a luxury property, says Knight Frank, despite the pandemic and political headwinds.