Photographs: Arnd Wiegmann/Reuters
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
Photographs: Jason Lee/Reuters
China
5-year price growth: 110.9 per cent
Ranking: 1
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Hottest real estate markets in the world
Photographs: Tyrone Siu/Reuters
Hong Kong
5-year price growth: 93.7 per cent
Ranking: 2
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Hottest real estate markets in the world
Photographs: Gil Cohen Magen/Reuters
Israel
5-year price growth: 54.5 per cent
Ranking: 3
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Hottest real estate markets in the world
Photographs: Tim Chong/Reuters
Singapore
5-year price growth: 50.5 per cent
Ranking: 4
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Hottest real estate markets in the world
Photographs: Reuters
Colombia
5-year price growth: 39.4 per cent
Ranking: 5
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Hottest real estate markets in the world
Photographs: Nicky Loh/Reuters
Taiwan
5-year price growth: 30.1 per cent
Ranking: 6
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Hottest real estate markets in the world
Photographs: Shaun Best/Reuters
Canada
5-year price growth: 28.7 per cent
Ranking: 7
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Hottest real estate markets in the world
Photographs: Michael Buholzer/Reuters
Norway
5-year price growth: 28.7 per cent
Ranking: 7
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Hottest real estate markets in the world
Photographs: Zainal Abd Halim/Reuters
Malaysia
5-year price growth: 28.5 per cent
Ranking: 9
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Hottest real estate markets in the world
Photographs: Christian Hartmann/Reuters
Switzerland
5-year price growth: 27.5 per cent
Ranking: 10
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