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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST

It is expected that the global real estate market will see some major improvements in the latter half of the year.

CNBC has worked out a list of world's 10 hottest property markets based on a study conducted by global real estate consultancy Knight Frank. This study ranks nations according to highest average growth in housing prices from the fourth quarter of 2006 to the same period in 2011.

To give a clear perspective, the national five-year averages reflect mainstream housing prices in most countries expect for China. Here, China only includes home prices in Beijing and Shanghai.

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
A view of the Guomao Bridge (bottom) in Beijing's Central Business District.

China

5-year price growth: 110.9 per cent

Ranking: 1

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
Hong Kong's financial district.

Hong Kong

5-year price growth: 93.7 per cent

Ranking: 2

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST

Israel

5-year price growth: 54.5 per cent

Ranking: 3

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
A general view shows the skyline of Singapore's Financial District.

Singapore

5-year price growth: 50.5 per cent

Ranking: 4

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST

Colombia

5-year price growth: 39.4 per cent

Ranking: 5

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
A woman walks past the Taipei 101 building in Taipei.

Taiwan

5-year price growth: 30.1 per cent

Ranking: 6

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST

Canada

5-year price growth: 28.7 per cent

Ranking: 7

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST

Norway

5-year price growth: 28.7 per cent

Ranking: 7

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
The sun sets near the Petronas Twin Towers and Kuala Lumpur Tower (left).

Malaysia

5-year price growth: 28.5 per cent

Ranking: 9

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Hottest real estate markets in the world

Last updated on: April 27, 2012 13:26 IST
An aerial view shows the swiss town of Kusnacht, near Zurich.

Switzerland

5-year price growth: 27.5 per cent

Ranking: 10