The latest Global Residential Cities Index, revealing mainstream residential prices on a city-by-city basis, has been published by Knight Frank, a leading independent real estate consulting company.

Covering 150 cities across the world, the index tracks the performance of housing prices quarterly. It is based on the official data released by National Statistic Offices or Central Banks in each city.

According to the index, the average housing price in the tracked cities increased by 4.5 percent in the year to March 2016, and 74 percent of these cities saw their prices rise.

China's Shenzhen has become the city with the fastest growing housing prices in the world, with the annual price growth surging from 48 percent to 62.5 percent. Chinese cities account for four places in the top five performing cities.

The following are the top 10 cities for housing price growth.

 Lucknow, India

Lucknow, India [File photo]

12-month change (Q1 2015-Q1 2016): 16.1 percent