Dubai slipped out of Knight Frank’s index of best-performing real estate markets, Gulf News reported on Tuesday.

Knight Frank published on Monday its Prime Global Cities Index. Vancouver retained its number one spot, followed by Shanghai and Seoul. Dubai, now off the index, still led Knight Frank’s luxury property rankings in 2013-2014.

The report states that despite an average annual growth rate of 3.8%, nearly half of the cities on the report’s index witnessed a slowdown in price growth compared to the second quarter of 2016, as “new taxes, elections, referendums and economic jitters took hold.“

Kate Everett-Allen, researcher at Knight Frank, stated that “elections and referendums tend to provoke a “wait-and-see“ approach in the minds of buyers,“ citing the Brexit referendum and the upcoming US presidential elections as examples.