A new report has found that the biggest property price rises over the last ten years werenÃ¢â¬â¢t in the major, popular markets but in emerging nations. Perhaps surprisingly, major property markets such as the UK and France were well down the list of real property price growth, and there were also countries that saw prices fall in real terms between 2001 and 2011.
Keep reading to find out who were the big winners and losers over the last 10 years.
Property in India the biggest winner over last decade
The Lloyds TSB International Global Housing Market Review looked at the performance of property prices since 2001. And, if youÃ¢â¬â¢d bought a property in India a decade ago, youÃ¢â¬â¢d be the biggest winner today.
Property in India increased in value by 284% in real terms (after allowing for consumer price inflation) since 2001 - equivalent to an average annual rise of 14%. This equates to a five times better return than in the UK over the same period and over ten times the average performance of the Eurozone.
The next two best countries for property price rises were Russia (209%) and South Africa (161%).
Biggest European winners and losers
In European terms, the best property investments were to be found in France, with prices rising by 82% over the last decade. Four other nations saw house prices increase by more than the Eurozone average: Belgium (69%), Finland (61%), Spain (46%) and Italy (31%).
The Lloyds report found that outside the Euro area, there were large gains in Norway (72%), Iceland (37%), Switzerland (30%) and Denmark (25%).
Suren Thiru, economist at Lloyds TSB International, said: "Looking forward, the outlook for house prices globally is likely to be determined in part by the pace at which the global economic recovery continues, the events in the Eurozone as well as the economic prospects of individual countries."
The biggest losers over the same period were those that bought property in Ireland, Germany and Portugal. There were real property price falls on 23%, 17% and 11% respectively in those three countries over the last decade.