Hong Kong has reported the largest increase in property prices, according to the latest global house price index from the International Monetary Fund (IMF).
According to the IMF report, asking prices in Hong Kong rose by 14.6 per cent in the second quarter of this year, when compared with the same quarter in 2012.
According to propertywire.com, global house prices increased overall, but some real estate agents have said that properties are being overvalued in many parts of the world including Canada, Australia and the UK.
Ukraine experienced a growth in the price of property, too, with a not insignificant rise of 11.7 per cent. Meanwhile, New Zealand recorded a rise of 8.8 per cent and the USA's prices were boosted by 6.1 per cent in the last 12 months.
According to business.financialpost.com, the report said that the ratio of house prices to rental prices remains higher than previous averages, which allows for prices to be corrected in the future.
The report stated: "House prices rose in 32 of the 51 advanced and emerging market economies in the IMF's Global House Price Index, compared with increases in 9 countries in the second quarter of 2009, when the housing crisis was in full swing."