The global real estate market recovery continues to be led by countries located in Asia. On averages, house prices in the region climbed by 14 per cent over the course of the past year.
According to the Knight Frank Global House Price Index, the cost of real estate rose in 69 per cent of worldwide destinations in the past 12 months. The figure is up 19 per cent compared to a year previous and highlights the improving sentiment in the property sector.
The top performing nations were Singapore, China and Hong Kong, although the real estate consultancy added that the markets were starting to cool. Europe continues to record the weakest performance of all world regions, although it is improving.
"Each quarter we are presented with further evidence that the impact of the global recession on the world's housing markets is diminishing," said Liam Bailey, head of residential research at Knight Frank.