Property prices in developed markets have rebounded from the crash which followed the credit crisis of 2008 – but there are now increasing fears of a new bubble inflating in several locations.
Israel, Canada, Norway, Belgium, Australia, Dubai, Hong Kong, London and Singapore are all causing concern among economists and property market analysts. House prices have risen by close to 40 percent in Israel since 2009, with Norway up by nearly 30 percent and Switzerland by over 20 percent over the same period.
These house price booms are being fueled by the relative ease with which residents can borrow more money to fund house-buying. After central banks including the Federal Reserve and the European Central Bank (ECB) propped up the financial markets with an influx of cheap money, these banks had more credit available for consumers. And those loans are cheaper as a result of historically low interest rates in many countries.
(Read more: Yep, it's another housing bubble)
"When interest rates are so low, there's always a risk of too much money being allocated to assets you can borrow against," Liam Bailey, partner at global estate agents Knight Frank, told CNBC.
Time for action
While most of the house price booms are likely to continue through 2014, 2015 could see a number of bubbles bursting, according to economists at Goldman Sachs.
This has led to governments in a number of places taking action to cool the housing market. In Hong Kong, prices last year came to 13 times the average salary, making it the world's most unaffordable city according to Demographia. The Chinese government has since tried to cool the market by doubling stamp duty on properties sold at more than 2 million Hong Kong dollars ($200,000).
(Read more: What's blowing up China's house price bubble)
"Politicians want a recovery in the housing market but are wary of the danger of significant exuberance," Bailey said.
The Singaporean government has tried to gently ease down prices by capping what multiple of their income prospective buyers could borrow.
As this graph from Goldman Sachs demonstrates, the faster real house price appreciation (the rise in house price valuations) has been, the more likely they are to see a slump in the next five years.