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World's Hottest Real Estate Markets

Global real estate markets had a forgettable last year, with prices rising a paltry 0.5 percent, leading to gloomy forecasts for 2012. But over the past five years, prices have registered huge gains, sparking fears of an asset bubble and concerns over the impact of high household debt.

We've put together a list of the world's 10 hottest property markets based on research by global real estate consultancy Knight Frank, which ranks countries according to highest average growth in housing prices from the fourth quarter of 2006 to the same period in 2011.

The national five-year averages reflect mainstream housing prices in most major cities in all the listed countries expect China, which only includes home prices in Beijing and Shanghai.

Click ahead to find out which property markets have skyrocketed.

By Rajeshni Naidu-Ghelani(Posted 23 April 2012)

Photo: Getty Images