10 hottest housing markets

Five years on from the crash, property prices have hit new highs. Where are home values rising fastest?

1.  Dubai

global home prices
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  • Rise in house prices (1 year): 28.5%

It's a good time to be a home owner. Property consultancy Knight Frank says global house prices now sit 4% above their 2008 peak and confidence in most markets is growing.

Topping the rankings is Dubai where a steady flow of international capital is powering a property boom. The real estate rebound, coupled with a pick-up in tourism and trade, has boosted the economic outlook in the tiny emirate.

Knight Frank's Kate Everett-Allen said Dubai has attracted investment in the wake of the Arab Spring as a Middle Eastern "safe haven."

"We're seeing a lot of Indian, Pakistani and Iranian investors in that market," she said.

Source: Knight Frank Global House Price Index
The Knight Frank Global House Price Index tracks mainstream residential prices in 53 countries, as well as Dubai and Hong Kong. It's calculated on a quarterly basis, using official government statistics or central bank data. Results are based on third quarter figures for 2013 except where noted. The index shows how prices have changed over a quarter, six months and a year. CNNMoney has used the most recent year-on-year figures.
- Last updated December 13 2013 12:12 PM ET