Dubai saw the steepest house price growth globally over the past year despite government cooling measures, Knight Frank's Global House Price Index shows.
House prices grew 27.7 percent over the 12 months to March 2014, the fastest pace among the 54 countries tracked on the index. However, house prices only climbed 3.4 percent in the first quarter, much slower than 9.2 percent growth in the same period last year.
Authorities in Dubai doubled transfer fees and restricted mortgages in October last year to cool the housing market, Knight Frank said noting the measures appear to be taking effect.
China and Estonia were ranked second and third on the list with price growth of 17.5 percent and 16.2 percent, respectively.
Meanwhile, the U.S., Australia and Iceland joined the top ten rankings alongside emerging markets like Turkey and Brazil. Prices in the U.S. rose 10.3 percent over the past year, while prices in Australia and Iceland jumped 10.9 percent and 9.7 percent.
Of the fourteen countries that saw annual price declines only two were in Asia: Singapore and Japan.
According to Nicholas Holt, head of research for Asia Pacific at Knight Frank, cooling measures and tighter mortgage conditions were responsible for the slowdown in Singapore, while in Japan, Abenomics has failed to result in house price growth thus far.