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9. Malaysia

5-year price growth: 28.5 percent

In an attempt to curb spiraling house prices in Malaysia, the government is considering doubling the entry price for foreigners buying property in the country.

Under pressure from middle-class Malaysians who feel priced out of the real estate market by overseas buyers, the government may raise the minimum price of homesthat foreigners can purchase from $162,972 to $325,944.

In the third quarter of last year, home prices rose 6.6 percent year on the year, according to Knight Frank. (Fourth quarter prices were not available.) Prime property in the capital Kuala Lumpur cost about $5,000 per square meter or $500 per square foot in 2011.

Economic development in the country, which has seen growth of over 5 percent in 2011, has also wetted the appetite for high-end condominiums that house smaller units but provide amenities like gyms and pools. About 11 high-end condominium buildings were completed in Kuala Lumpur last year, bringing the total supply of apartments to 29,364. A further 2,599 units are scheduled for completion in 2012, according to Knight Frank.

Pictured left: The skyline of Kuala Lumpur, Malaysia

Photo: Robert Harding | Getty Images