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The world’s best and worst housing markets

Property bubbles across Europe seem to growing again, even in countries that have only recently been burnt by a property boom. House prices in Ireland have gained 15 percent over the last 12 months, according to global estate agency Knight Frank. By contrast, U.S. homes have gained an anemic 4.8 percent.

CNBC takes a look at which countries across the Americas, Europe, Asia and the Middle East have seen the biggest gains in house prices over the last 12 months—and which have suffered the biggest losses. The data is predominately based on Knight Frank's "Global house price index," published this month. Some countries are yet to post third-quarter data, so have not been included.

—By CNBC's Katy Barnato on Tuesday 23 December 2014.

Atila Yumusakkaya | Moment Open | Getty Images