A study by 'Frank Knight Research' shows that rents are coming down at the top end of the real estate market. The cost to live in a luxury residential place has declined for third consecutive quarter. 11 out of 17 top global cities either registered a decline or no growth in past one year to first quarter of 2016.

Here is a fantastic chart from Frank Research that details all.

We are wondering whether this trend will trickle down or not.