The rapid rise of prices for property in Australia throughout 2013 has been driven by growth in the three major cities in particular, the latest report from the country has concluded. Australia has been plagued by fears of an over-heated market and the potential for a bubble after prices rose by as much as 9.8 per cent throughout the last year to the end of December. However, Fitch Ratings said this was a figure in which the average was driven up by the three key cities of Melbourne, Perth and Sydney in particular.

Sydney was the city where the fastest price rises were found countrywide throughout 2013, with these having risen by some 14.5 per cent, while Perth's prices were rising by as much as 9.9 per cent. Melbourne was the slowest of the three key areas, with prices in this city having risen by 8.5 per cent throughout the year.

Similar to the UK, reports from Fitch Ratings say that the rapid growth in these three regions in particular has been the result of two distinct factors. On one hand is the fact that lending has become more widespread in the past few months following the policy rate reduction over the past two years. Meanwhile, while there have been more people able to get themselves a mortgage, there still remains an undersupply of homes in the nation's biggest cities, pushing competition and prices higher as a result.

It is thought that in the months ahead, this will be an issue that spreads into other cities as well as they become more heated with demand and undersupply. Fitch believes that the likes of Adelaide and Brisbane are set to see prices rise in a similar fashion in times ahead, following a period of growth far slower than has been witnessed in the three larger cities. At the moment, these have homes that cost 6.5 times income on average, compared to the key three, where final sale values currently sit at 9.9 and 9.1 times in Sydney and Melbourne respectively.

In February 2014, 35% of all offers on property were in cash which is up 30% on the same time last year according to US property experts RealtyTrac. Even cash buyers are being outbid by higher cash offers made at the eleventh hour. It all begs the question – where is all this money coming from?

For borrowers in the US, interest rates on mortgages have increased by almost a point to 4.3% meaning that repayments are now 25% more expensive than they were in 2013. New construction figures have remained relatively unchanged in recent years, narrowing the housing market further and consequently, what housing supply is left is mostly being snapped up by cash-rich individuals.

Workers in new technology and banking seem to have the deepest pockets when it comes to buying property for cash together with foreigners particularly from South America, seeking to diversify their assets outside of their own countries. Property prices have increased by 13% nationally and up to 20% in certain hotspots and it would appear that this recent growth is being fuelled by the more affluent classes with high levels of disposable income.

According to Forbes the general consensus is that mortgage rates will increase to 5% by the end of 2014 which is likely bring about a drop in homeowners to below 65% - the lowest level since 1995. Another factor which may slow down the US property market is the significant number of properties in negative equity referred to as ‘underwater mortgages’ in the US. Although the second quarter of 2013 saw many borrowers regain positive equity status, there still remain 6.4 million homeowners struggling to sustain underwater mortgages.

However, the decline in home ownership is considered a positive signal for an improved outlook in the US. The housing bubble that existed prior to the financial crisis was almost entirely fuelled with irresponsible lending which ultimately led to bad debt and large scale foreclosures. It was the straw that broke the back of the world’s economies.

The increases in US property prices experienced in the last two years is considered to be much more sustainable in the long term, particularly as affordability seems to decline as the economy improves due to people making lifestyle changes to save money. It would appear that salutary lessons have been learnt reducing the likelihood of a repeat performance – something the rest of the world can feel rather relieved about!

The increased difficulty in obtaining home finance is the main reason behind reduced affordability but there is no shortage of housing inventory. People are choosing to relocate to more affordable areas and younger people are living with their parents for longer rather than creating new households.

Of course, the surprisingly high volume of cash-rich individuals will probably ensure that there is buoyancy in the market for some years to come which will ultimately lead to continued economic recovery albeit at the expense of the average American. There is growing concern that the disparity between the ‘haves’ and the ‘have-nots’ is likely to widen considerably in the foreseeable future – a situation that could be mirrored throughout the western world.

Residential home loans held by Catalunya Banc SA, nationalised by the government in 2011, are being sold off in the third attempt to return the once-prominent lender to the private sector.

The €6.95 billion loan portfolio – of which almost 50% are ‘delinquent’ – is one of the largest mortgage deals in Europe this year. Since the bank was nationalised, Spain has struggled to find buyers within the private sector and the loan sale is intended to make the deal more attractive to potential bidders looking to relieve the government of the bank's operations which includes 200 branches.

After reviewing deal documents, the Wall Street Journal reports that almost half of the loans in the sale are non-performing , meaning that the loans are more than 90 days overdue with another 15% sub-performing, or up to 90 days overdue.

Around 70% of the mortgages are in the province of Catalonia with the rest in Valencia, Madrid and other regions. While the bulk of loans are tied to residential property, a small percentage of the portfolio includes other types of property loans such as mortgages on offices. The deadline for submitting non-binding offers is May 19 with binding offers being due on June 30 this year.

Last week, US private-equity firm Blackstone Group bought Catalunya Banc's property management division for “a maximum of €40 million” with the exact amount being paid depending upon certain conditions being met which the bank have not elaborated on.

Spain has enjoyed much attention from international investors since 2013 with Spanish real estate ranking as the one of the most attractive growth markets for foreigners. With house prices 40% less than the market peak in 2007, there is significant potential for growth. However, demand ultimately driving property prices up could mean more misery for the domestic market, still struggling to crawl their way back from austerity.

It remains to be seen how the sale of Catalunya's mortgage debt will progress although estimates have placed a value of just €100 million for the entire portfolio which of course begs the question of how the loss will be managed by the Spanish Government if that proves to be the case.

There have been €29.8 billion of property-loan sales in Europe so far this year, just shy of the €30.3 billion sold during all of 2013, according to real-estate adviser Cushman & Wakefield Inc. The firm now expects loan sales to hit €50 billion by year-end. Catalunya's debt portfolio looks set to add to the billions in Spanish property loans already on the market suggesting that a large proportion of mortgaged properties in the country could be in the hands of a core group of foreign investment banks and US private-equity firms before the end of the year.

Conti, the overseas mortgage specialist has recently reported that the number of enquiries received from British buyers increased by 38% in the second quarter when compared with the same period in 2013. The mortgage brokers also said that over the period of January to June 2014, enquiries increased by a massive 58% compared with the first half of last year.

Spain continues to be the destination of choice with British buyers, accounting for a substantial 59% of total enquiries received in the second quarter, a pattern continued from the first quarter of 2014. In second place, France accounts for 27% of enquiries, followed by Portugal with 8%.

Rock bottom property prices and low interest rates are boosting buyers' affordability and with the exponential price growth in UK properties, the trend for overseas property investment continues.

The strength of sterling against the euro is also encouraging property purchases, with the pound rising to a 22-month high of €1.26 having a positive effect on budgets.

The fluctuation of currencies can make a significant difference to property prices. In summer 2013, sterling was around €1.14 meaning that someone considering a home in the Eurozone worth €200,000 would have paid £175,439 in 2013 compared with €158,730, representing a saving of £16,709.

Conti's director, Clare Nessling said: Prices are good, rates are low and lending conditions are improving , so it's perhaps no surprise that buyers are returning to the market . What has exacerbated the situation is the concurrent performance of the UK economy where the pound has been strengthening against other currencies including the euro and this is also having a big influence on buyers' enthusiasm.

The British are the biggest foreign buyers of properties in Spain , owning an estimated 170,000 homes in the country, mostly along the Costas. Unlike Britain, the long fall in house prices that began in 2007 does not appear to be over. At the peak of the market, Spain was building 700,000 homes and apartments every year which is around four times the volume of new homebuilding in the UK. However, since the financial crisis many developers have gone into liquidation with properties being passed to Spain's banks to sell on, increasing the availability of property bargains.

Paul Payne of Masa, a Costa Blanca estate agency said: " If you are prepared to be away from the coast, savings are a lot bigger, " adding that he is " flying out more Britons in the next eight weeks than in the last two years ", particularly for viewings in both coastal and inland areas.

A shortage of stock in the affordable home market in South Africa has resulted in the limited amount of new homes available being sold within days of being listed.

Ronelle Venter of South African agent RealNet said: " Small homes with two bedrooms are selling for just less than €15,000 in certain areas and young buyers at the start of their careers find this an excellent opportunity to enter the market ".

" At this price level, 100% loans are also relatively easy to obtain and some buyers have saved up enough while living with their parents to be able to buy with cash, " she added.

Larger two or three-bedroom homes are being targeted by young buyers with families because they offer good value at prices between €35,000 and €50,000.

South African buyers are now prepared to look beyond the suburbs to find property bargains , choosing to commute a further distance in order to benefit from home ownership.

Venter says that stock shortages are abating somewhat, but that there is still a dire need for more development in the lower price ranges. " Severe winter weather has slowed homes for sale to a trickle – as is usually the case during the wet Cape winters – but even with more homes coming to market now that the weather is warming up, demand will probably far outstrip supply for the foreseeable future, offering housing developers good prospects of quick uptake of units. "

Availability of homes in the €65,000 to €75,000 price range is reasonable according to RealNet although that is because the uptake is slower due to affordability issues on the one hand and problems with qualifying for mortgage finance for more expensive properties on the other.

South Africa is the largest economy in Africa , classified by the UN as a middle-income country. The nation has a well-developed transportation infrastructure, legislation that is largely supportive of private investment, a world-class financial sector and a well-diversified economy, creating a positive climate for foreign investors.

Since Portugal's golden visa scheme was launched in 2012, the number of Chinese homebuyers has surged, driving growth in the Portuguese property market.

The scheme, which grants residency in Portugal to non-EU buyers for qualifying purchases of more than €500,000 in residential real estate, has been a roaring success and 80% of take-up has come from Chinese buyers.

Speculative property buyers from China have spent more time holidaying in Portugal since the scheme was introduced, spending more than €33m in the first six months of 2014. Statistics show an increase in Chinese visitors of a whopping 69% from January to June last year as wealthy buyers consider making golden visa purchases in the country.

Figures reported towards the end of 2014 show that around €950m has been invested in Portugal as a result of the golden visa scheme, more than €760m from Chinese buyers.

Chris White, founding director of boutique property agents Ideal Homes Portugal said: " We've definitely noticed an upturn in the number of Chinese buyers picking up high-end properties since the inception of the golden visa programme in Portugal. Everything from luxury detached homes to traditional farmhouses are up for grabs ".

" One should also consider the impact of the golden visa scheme on tourism. Many of those considering a move to Portugal will visit the country several times, to introduce their families to Portugal, to get a feel for the culture and to look at what the property market has to offer. Thus before they commit their funds to a golden visa property investment, they are already bolstering the economy through one or more inspection trip visits, " he added.

Improved tourism is a great benefit to a recovering economy, creating jobs and driving infrastructure development. It is also great news for property investors looking for property to rent out either long-term or for holidays irrespective of the golden visa scheme. As employment increases, demand from domestic renters rises and people have more money to spend on holidays, a dynamic that represents profit to astute property investors.

Property prices in international markets have escalated at a rapid pace in the past few years, buoyed by substantial foreign buying in prime markets. Malaysia is no exception to this rule and as a consequence, many first-time buyers in the country have found themselves unable to afford to buy their first home.

As the affordability gap increases, the Malaysian government have been pro-active in assisting first-time buyers since the 'My First Home' scheme was introduced in 2011. The scheme offers assistance with up to 100% borrowing, of which 10% is guaranteed by Malaysian mortgage firm Cagamas.

However, the scheme initially faced criticism for its strict lending criteria that prevented many from being approved for the program, resulting in muted take-up.

The 2015 budget is set to see the government unveiling more measures for the affordable housing sector including the comeback of the full loan facility under the My First Homes Scheme, according to press reports.

To be eligible for assistance through the scheme, applicants must be Malaysian citizens to the age of 35, who are first-time buyers of owner-occupied residential property. The approved property price range is between €24,000 and €97,000, with single borrowers on incomes not exceeding €1,200 monthly, €2,400 for joint-applicants.

The debt to income Ratio (DTI) is set at no more than 60% of the net monthly income of applicants, or the maximum financing limit of the participating bank, whichever is lower.

Malaysian homebuilders are expected to step up delivery of affordable housing stock to respond to the improved lending criteria of the My First Home scheme which is set to boost first-time buyers significantly.

In terms of Malaysia's real estate sector, increased uptake of properties at the affordable end will help to underpin growth in the market overall. Property prices in prime areas have become vastly inflated as a result of aggressive competition among wealthy foreign investors, forcing values up nationally and 'My First Home' may possibly serve to redress the balance.

2014 was a good year for Bulgaria's real estate sector, with investment picking up as prices hit the bottom of the market.

Demand for properties in major cities is set to continue during 2015, particularly in the commercial real estate market, on the back of a record year for foreign investment in Bulgaria. Deals involving offices, malls, hotels and plots of land reach record volumes, contributing €239m to the Bulgarian economy in 2014, according to research by Cushman & Wakefield .

Demand for commercial real estate in Bulgaria saw major growth last year, largely due to recovery in its property market and the opportunity to acquire quality assets at rock-bottom prices.

Polina Stoykova, managing director of Bulgarian Properties said: " An important element of the new market reality is the return of confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment. This understanding coincided with a very favourable moment in the property market development because real estate prices are currently at levels from 10 years ago and respectively, the properties are much more affordable. We could also add to the picture the improved mortgage conditions now offered by the banks ".

Bulgaria's property market recovery is set to continue through 2015 with growing demand and weak supply due to limited new construction giving buoyancy to the sector.

Polina Stoykova expects the real estate market to be driven principally by Bulgarian buyers in 2015, including the segments that were traditionally dominated by foreign buyers such as property by sea and ski resorts. " We also notice a noticeable increase of interest to properties in Bulgaria by British buyers and we expect this trend to evolve in 2015, " she said.

Apartments in Bulgaria's largest cities and resort areas, e.g. Burgas, will remain the prime target for both Bulgarian and foreign investors in 2015. Property prices in the country are expected to stabilise and see modest growth as Bulgaria consolidates its recovery during the year.

The pound has opened the year with considerable strength against the euro resulting in a surge of investor interest in Eurozone property, particularly in Spain.

In response to Mario Draghi's announcement that the European Central Bank is to commence a major programme of quantitative easing in the Eurozone, the pound and US dollar have rallied significantly.

As a consequence, the pound has reached the highest level against the euro in the last seven years, instantly adding to the already strong appeal of Spanish real estate to UK buyers.

On the back of sterling strength since the beginning of the year, the pound now goes 5% further in Spain since April last year, with spending power increasing by 12% over that time.

The dollar has also been on a bull run since the middle of 2014 against all major currencies apart from the pound, with the euro falling to an 11 year low against the global trading currency. This is expected to instigate an increase in large-scale investment by American private equity funds, particularly in Spain's prime commercial and residential real estate markets in Madrid and Barcelona.

Spain has always been a top destination for British property investors and a strong pound is not the only factor to bring about an increase in buyer interest, particularly in the resorts of the Costa del Sol.

Other market dynamics are renewing investor interest in Spanish property such as the record low Euro Interbank Offered Rate (EURIBOR), together with the widespread disposal of underwater property assets by Spain's banks and improved mortgage lending conditions to foreigners.

Spanish property remains heavily discounted against peak 2007 levels although there were pockets of price growth recorded in 2014, notably in the prime markets of Marbella and Madrid. Price growth is expected to filter beyond prime markets and hit coastal regions in 2015, particularly after a record-breaking year for tourism generated significant demand for holiday homes in resort areas.

Tourism is the mainstay of the Spanish economy and the country is the 2nd most popular holiday destination in the world after France. A top favourite with British families, Spain is set to see further uplift in visitor numbers this year on the back of sterling strength, with many seeking to enjoy increased purchasing power while enjoying the sunshine.

It would seem that all indications are that now is the time to consider buying in Spain as we see increased affordability resulting from the strong pound; cheaper borrowing from Spanish banks and guaranteed rental yield from the swelling numbers of visitors flocking to the Costa del Sol.

January saw house prices increase 1.3%, pushing property values to within touching distance of the 2007 peak of £181,101.

According to the Land Registry, the gain was the largest recorded since July 2014 and goes against the recent trend of subdued price growth, albeit with considerable regional variation.

The average price for a property in England and Wales now stands at £179,492, representing an annual increase of 6.7%, down from 8.2% achieved in August last year.

Prices increased by the most in the north-west of England, rising by 2.6% in January, while in the south-west and south-east, gains were also above the national average of 1.5% and 1.4% respectively.

Property price declines were recorded in Yorkshire and Humber where the average price of a home fell 1.5% in January, with London and the north-east recording the same dip in value of 0.2%.

Despite the overall slowdown of the UK's housing market towards the end of 2014, transaction volumes increased indicating a slow-down at the luxury end of the market. An average number of 79,549 transactions were recorded each month between August and November compared with 77,694 per month for the same period in 2013.

The Land Registry provided further evidence that transaction activity in prime markets has slowed, reporting an 18% decline in the number of properties changing hands with price tags over £1m.

The decline was highlighted in London where sales of seven-figure properties fell 24% year-on-year.

Property economist at Capital Economics , Matthew Pointon said: " The month-on-month changes tend to be quite volatile but the underlying rates have picked up a bit recently. While it is too early to say for sure, that could reflect the reform to Stamp Duty. In any event, a strong economic backdrop and record low mortgage rates are both supporting house price growth ".

Following a disappointing start to the year, transaction activity in Turkey's real estate market increased by 15% in February.

According to figures published by the Turkish Statistical Institute , 95,021 homes were sold in February 2015 with Istanbul recording 17,690 transactions, representing an 18.6% share of the market.

Following Istanbul was Ankara with 11,063 sales (11.6%) and Izmir 5,850 (6.2%), with the least sales completing in the provinces of Hakkari and Ardahan with 6 house sales respectively.

The report also showed an increase in mortgage approvals, rising 53.6% compared with February 2014. Total house sales with mortgage finance represented a 38.9% share of all transactions in Turkey, with the Black Sea coastal province of Artvin recording the most homes bought with mortgages at 58.5% of all house sales in the region.

1,369 houses were sold to foreigners during February, with Istanbul selling 466; Antalya 356; Bursa 106; Yalova 77; Muğla 75 and Aydin 65 house sales.

Chairman of Antalya Real Estate Agencies Chamber, Seref Saglam said: " Russian investors in Turkey are selling their houses in Antalya, Turkey's top tourism spot due to economic conditions in Russia ".

Investor confidence in Turkish real estate has been rising in recent months, boosted by significant growth in tourism that saw millions flocking to the country's tourist hotspots during 2014. Julian Walker, director of Spot Blue International Property said:

" This is to be expected as the summer season approaches for the coastal areas. Elections, oil prices and currency strength will be influencing factors in key markets of the UK, Turkey and Middle East in 2015. "

New summer flights to south-west Turkey announced earlier this year by British Airways are also set to positively impact property markets, particularly in resort areas. BA are launching flights direct to Dalaman and Bodrum from April this year that will see a sharp increase in passenger traffic through the airports currently handling a combined total of 7.7 million passengers each year.

2015 looks set to be a very promising year for Turkey's real estate market and with more than 200,000 British pension-savers poised to enter the arena from April this year the country is well-placed to benefit from increased investor confidence.

Homes are becoming less affordable for Kiwi buyers as prices continue to rise on the back of increasing foreign investment in New Zealand's property markets.

Although Asian investment comprises a healthy majority of foreign buying in the country and are certainly singled out as being the main driver of price hikes, other nationalities are steaming in on Antipodean real estate. With Asian capital investment in Kiwi property with almost half the market share, there is still a considerable percentage – around 54% - of buyers from Australia, Europe, UK and South Africa.

Media speculation in New Zealand has unfairly pointed the finger at Asian investors as being responsible for driving up property prices to the extent that local residents are unable to buy principal residences. Reports have included new million-dollar homes in the Vaughan Farm development in Long Bay were almost all vacant having been " bought by rich Asians and left unoccupied to reap the capital gain ".

However press reports have not been substantiated by any proof and the country's estate agents are keen to highlight New Zealand real estate's attraction to overseas buyers from outside Asia. New Zealand has always been a popular investment destination for Asian capital, particularly in recent years with the degree of wealth generation China has enjoyed.

However, more than 20% of foreign buyers in NZ property markets in 2014 were from Australia compared to 25% from China and so there seems to be little evidence of imbalance. There are many reasons why investors are attracted to the country's property markets, not least it's stable economic climate, great quality of lifestyle and the sheer beauty of its landscape.

Where perhaps Kiwis are being priced out of domestic property markets, Australians still see a lot of value represented in the country's real estate. Many Australian buyers are miners getting good tax refunds they wish to invest in property and in the absence of value in their own country, they are looking further afield for property in New Zealand .

A high percentage of purchases in New Zealand's property market are said to be for straight investment purposes. Obtaining a mortgage in the country is a fast process, often taking as little as 47 hours to complete. Many agents across the nation anticipate a continued rise in Chinese investment although not disparate with growth in capital from other nationalities.

The critical shortage of affordable housing in Israel is a situation mirrored across the world with upward price movement surging, driven by investor-demand for real estate.

Now, Israel has a brand new property portal that searches for property based upon price, providing users with access to the limited supply of homes they can afford, in an area of their choosing. CTWiz is the brainchild of CEO Tom Shaked, who found himself on a mission to find true value in Israel's vastly inflated property market.

Shaked believes there is just one simple question that buyers have: " That question is… is the deal worth it? That is the question we answer with our new site, " he said.

The portal provides search results to its users based on one criterion – price. The site's users can decide how much they want to spend on a home in rental or mortgage payments and which area they wish to live in. Search results are then displayed in accordance with the users' budgetary requirements and details any rental units or other features a property may have that can improve its affordability.

But, while users simply search by location and the amount they can afford, the technology behind the portal goes much further than simply filtering by price. The portal is based on a deep-dive, big data algorithm that aims to determine a property's true value. Where other price engines evaluate deals in an area of a prospective sale to see if prices are 'reasonable' on a comparable basis, CTWiz operates differently: " We examine the price of homes by average price per meter and other sales factors and then decide if the price being asked is a good one or not. Altogether the tools and technology we offer can enable potential buyers to find properties they can consider good deals and we are constantly adding features ".

Since 2008 property prices in Israel have increased 67%, a figure that is even higher in popular cities in the tiny country, making home ownership an impossible dream for most Israelis.

For example, the price of a home in the bustling northern city of Haifa averaged at €135,000 in 2008 and has risen to more than €255,000 in 2015, representing a staggering 91% increase according to the Israeli Central Bureau of Statistics . Property prices in Tel Aviv - the country's second most populous city after its capital, Jerusalem - also shot up 84% to an average of almost €460,000 over the same period, reflecting the surge in demand for Israeli property since the global recession.

Israel has experienced a significant influx of Jewish immigrants, increasing more than 40% in the first three months of 2015, according to a report by The Guardian newspaper. In 2014, the largest source of immigration to Israel for the first time was France, with 7,000 leaving after the Paris attacks amid fears of rising anti-Semitism in Europe.

Shaked's new portal was born of the severe housing shortage and subsequent spiralling prices in the Israeli real estate market and was officially launched in July, with thousands of searches handled since. Currently in Hebrew and English with French being introduced in the next few months, the portal comes at precisely a time when Jewish immigration is at its peak.

Finance Minister Moshe Kahlon rolled out measures to cool Israel's housing market in June this year, with the hope of driving out big-time investors and getting more middle-class Israelis into their own homes. Housing affordability issues have plagued Israel's government over the last two years and reducing skyrocketing property prices was the cornerstone of Kahlon's 2015 election campaign, resulting in a high expectancy for reform and improvement in the housing market.

The measures, which went into effect in July include dramatically increased taxes for second property purchases. Properties to the value of €1.1m carry an 8% tax, while all properties of a higher price now get hit with 10% tax, a significant deterrent for wealthier buyers of multiple properties and with potential to suppress upward price movement across the country.

Meanwhile, CTWiz's increasing popularity among those searching for homes in Israel seems set to continue in the absence of any other website with its unique approach. " There is no other site today that can record customer assets and clarify whether a proposed real estate transaction is a good deal, especially when you factor in all the parameters of the property: location, size, price and more, " said Shaked.

" We enable buyers to get an objective picture, the first of its kind on the property and not one that is influenced by the salesmanship of a seller or agent. The uniqueness of CTWiz is our ability to analyse the market and enable the average buyer to use the most advanced tools used today in analysing assets and understand the most important thing in a proposed deal – whether it is a good one or not. "

According to American media reports, job growth is continuing to drive a strong recovery in the US housing market, with mortgage starts last week jumping 17% to their highest level since April.

Despite the downward spiral caused by Black Monday on 24th August, mortgage applications for the same week saw an uplift of 11.3% compared with the previous week, according to a Mortgage Bankers Association report released on Wednesday.

" You had some borrowers looking to refinance who really took advantage of the short availability of very low rates, " Mike Fratantoni, the association's chief economist, said. " You had a number of people following the market very closely. "

The widespread volatility triggered by China's economic slowdown led to moments of very low interest rates on 10-year US Treasury notes – a key benchmark for the mortgage-lending market. The Federal Reserve has been preparing to raise interest rates at 'some point' before the end of the year and the resulting uncertainty prompted home-buyers to seek finance ahead of the expected rate-hike during last week's market mayhem.

However, economists maintain that growth in the US housing market is underpinned by consistently rising demand driven by increased affluence and improved affordability as the American economy strengthens. Fratantoni said: " We do expect improvement in the housing market to continue. Job growth and declining unemployment rate and wage growth – those are really the factors that we focus on. "

The trend in existing home sales, accounting for 90% of the housing purchase market is also increasing. Danielle Hale, director of housing statistics at the National Association of Realtors (NRA) said, " It's one of the key numbers we pay attention to and we've seen eight-year highs in those numbers recently. "

According to the NRA properties are selling at a faster rate than last year, with homes selling in July 2015 typically spending 42 days on the market before closing, compared to 48 days in July 2014.

Dan Porter, owner of Chicago realtors Porter House Properties told International Business Times: " All those people who have been renting or living with mom and dad are starting to hit the market. "

The US housing recovery has been slow in the wake of the financial crisis as potential buyers retreated to the sidelines. " That normal flow was interrupted for a few years, so it will take us a couple of years to get to what I would say is normal, although everything is going in the right direction, " Porter added

Last July, the annual rate for existing home sales reached 5.59 million in the US, the highest pace since the 5.79 million recorded in February 2007. An improving job market bodes particularly well for the housing market as more people find themselves able to afford to buy their own homes.

" As the US economy improves, banks are also more willing to lend money to prospective buyers ", Matthew Pointon, a property economist at research firm Capital Economics, said. He cited data from US mortgage processors Ellie Mae showing the rise in loan applications that won approval as 71% of mortgage applications in July 2015, up from 62% for the same month last year.

“Banks are feeling more confident,” Pointon said. “They're looking ahead and they're seeing a strong economy. They're seeing people's incomes going up.” Current growth in the US housing market is underpinned by strong fundamentals, indicating a sustainable recovery is now in full-swing.

Since Spain's real estate bubble burst in 2008 and brought its economy crashing down with it, foreign money has been driving recovery in the nation's property market.

According to Spain's Property Registrars , annual price growth in June 2015 showed an annual increase of 5.12%, driving by strong sales to foreign nationals in the country's prime property markets.

Transaction volumes have also increased, according to the latest " Spain Real Estate Flash " published by BBVA Research which notes that 188,432 home purchases were completed in the first six months of the year in Spain, representing an increase of 7.9% over the same period. The Spanish bank reports that increased access to credit together with low interest rates, growth in employment and the improvement of consumer confidence are key factors behind Spain's property market recovery.

BBVA state in its report that 'construction activity has shown significant growth, albeit from relatively low levels,' and the 'macroeconomic prospects for the second half of the year will continue to contribute to the sector's recovery'.

The report also highlights the fact that 17% of housing transactions carried out in the first three months of the year in Spain were made by foreigners, saying that 'the sound health of some of the key economies that generate demand for housing in Spain, such as Germany and the United Kingdom, combined with the depreciation of the euro, continue to be major assets for the Spanish real estate market'.

Spain's property registrars report that foreign nationals purchased 12.2% of residential properties in the first quarter of 2015, up from 9% in 2006. The impact of foreign investment in property is most prominent in Spain's luxury market. Home prices fell more than 35% between 2007 and 2013, according to the country's statistics bureau, presenting foreign investors with a wealth of opportunities for considerable value growth.

Indeed, areas popular with foreign investors – such as Pedralbes and the Passeig de Grácia in Barcelona and Salamanca and Chamberí in Madrid – have already recovered 20% of value lost since the property market crash in 2008.

Increased foreign buyer interest in Spain is reflected in price growth and now house prices have increased at their fastest rate since the downturn.

The latest rise in price growth means that property prices are now down 29% nationally since the peak of the market, with significant regional variations according to buyer activity. The recovery in the Spanish property market is limited to the most popular areas where houses are in demand such as Madrid, the Balearics, the Canaries, Catalonia and the Valencian Community and is reflected in buoyant local property prices.

The statistics from the Spanish property registrars show that the country's real estate sector closed the first half of the year with a positive balance and the fundamentals of the economy indicate that this trend will continue in the second half in a context of price stability, according to the BBVA's report.

Alex Vaughan, co-founder of Lucas Fox, the Barcelona-based luxury estate agent said: " At the high end - €500k and up – it's primarily being driven by international demand ". The estate agent sold two-thirds of the units in the luxurious Bonavista development in Barcelona, with 91% of its 126 sales going to foreign buyers.

Over the last two years, the demographic of foreign buyers in Spain has shifted from Europe to the Middle East, Asia and the US. While the depreciation of the euro has attracted non-Europeans, the collapse of the rouble and tighter rules on currency transfers have kept out some Russians and other investors.

American buyers are on the rise, with purchasing power boosted significantly by the dollar's dominance over other currencies this year, and French buyers, reluctant to expose capital to restrictive taxation policies at home, have been house-hunting in Spain's property markets more enthusiastically in 2015.

The modest but sustainable recovery of Spain's economy has resulted in GDP growth of 2.7% over the past year and the nation's banks have begun to lend again. During the first quarter of 2015, Spanish banks signed nearly a third more mortgages for 27% more capital than during the same period last year, signalling a return of domestic buyers that will underpin price growth nationally in coming years.

Despite the sluggish economy, demand for real estate remains strong in Thailand with the nation currently leading the region in the hotel residence boom, the property investor's vehicle of choice in 2015.

Economists predict the real estate market will grow by 5%-10% this year after receiving a boost from the government's property stimulus measures, implemented to stimulate interest from property buyers overseas.

The stimulus measures include reductions in housing transfer and mortgage fees, personal income tax deductions for those purchasing a property for less than €75,000 and soft loans amounting to €250,000 offered by Thailand's Government Housing Bank, (GH Bank) .

Last Tuesday, the cabinet approved cuts in housing transfer and mortgage fees to 0.01% each for six months for homes priced at €75,000 or less, down from 2% and 1% respectively. Also approved was a proposal allowing first-time buyers who purchase a home below the same threshold to deduct 20% of the value of the home from their annual personal income tax over a five-year period.

The cuts will take effect this month for both new and resale properties in Thailand .

Thai Condominium Association president Prasert Taedullayasatit said the tax incentives, if they took effect this month, would boost the overall housing market in the fourth quarter by 20%-30%, boosting full-year housing market values 12.6% from last year.

Investment in hotel residences has surged in Thailand in 2015, with many opportunities falling well below the new threshold for tax incentives. The sector has a significantly improved outlook on the back of the Thai government's stimulus measures and construction has been stepping up to meet rapidly increasing demand for robust, income-generating assets in branded hotels.

According to new research by Thai-based hospitality consulting group C9 Hotelworks, there are currently more than 28,000 hotel-branded residential units for sale across the region overall, representing almost 120 projects. In Thailand, there are 44 developments on the market, representing 4,775 units, with the top three locations for hotel residences being Phuket, Bangkok and Pattaya.

The average price per square metre for urban properties in Thailand is €5,960, while in resort destinations it is €3,283. One key catalyst for the rising tide of buyer interest has been an increasing number of mixed-use projects that contain hotel and real estate components. Recognised hotel brands are being tapped to help engineer pricing premiums for property sales, which in market-wide terms has equated to 26% in urban locations and 14% for resort products.

Commenting on the research, C9 managing director Bill Barnett said: " The historic pattern of hotel and real estate marriages has moved away from the beach and leisure destinations and is gaining traction in urban city offerings. Traditional lifestyle buyers are being supplanted by end users, with Asians representing the largest transaction segment. Bangkok's stirring success story at the St Regis Residences demonstrated this, while the more recent Four Seasons offering has struck a chord with both local and overseas buyers ".

The two leading Southeast Asian real estate marketplaces are Thailand, offering 37% of the region's hotel project residences, followed by Indonesia with a 22% share.

Property prices in Qatar have been growing at an explosive pace, with banks stepping up lending as the real estate market heats up. Real estate prices rose 18% in the year to September, according to Qatar Central Bank data, beating the previous 2008 in June last year and continuing to rise at a double-digit rate.

Activity in the property market has been fueled by increases in the amount of credit provided by local banks to the real estate sector. Commercial credit to Qatar's property market grew by 17% from June 2014 to June 2015, now accounting for around one sixth of all lending by Qatari banks, according to the central bank.

However, this is only part of the lending story in Qatar right now. The data doesn't give a clear indication of how much credit to the public sector and private individuals is spent on real estate. It is likely that mortgages and government building projects account for a significant chunk of this lending, making the overall amount of credit directed at the sector much higher.

Jason Tuvey, emerging markets economist at Capital Economics said: " If you look at Qatar now it looks like the UAE in 2008 and 2009 – rapid price rises in housing, high lending and banks borrowing from abroad to sustain credit growth ".

The IMF, in its annual report on the Qatari economy, singled out price rises in the real estate sector as an area that needs closer attention paid. " Although the banking system as a whole appears cushioned from real estate sector volatility, developments at weaker banks need to be closely monitored, " the Fund said.

A considerable part of the spending on real estate is focused on Qatar's hospitality sector and with the country aiming to attract 7 million tourists by 2030, adding 60,000 hotel rooms to existing stock, it is likely to be significant. This is a red flag to analysts. " The 2009 property bubble in the UAE wasn't just a real estate bubble, " says Sanyalaksna Manibhandu, senior researcher at the National Bank of Abu Dhabi. " You also had an overheated hospitality sector ".

Nevertheless, the mortgage business continues to attract investment because of significant demand in some housing market segments in Qatar. Dr. Raghavan Seetharaman, chief executive of Doha Bank said there is " a need to be cautious of property market prices because land prices in the recent past have been climbing and a time will come for it to stabilize or correct ".

There are indications that price growth may starting to slow in Qatar's real estate sector, as the low oil price hits deposits. Year-on-year price increases were close to 40% in September 2014. As the oil price drop has led to project slowdowns and redundancies in the hydrocarbons sector, demand for mid-range real estate and office space has taken a small hit.

Housing supply is expected to more than double in 2018 compared to current levels which could lead the Qatari property market from undersupply to oversupply in just three years. However, many analysts believe that housing supply is driven by government policy rather than demand for real estate. For that reason, growth in Qatar's real estate sector is not considered dynamic which places another element of risk into the equation for property investors.

 

25 years ago, the Australian version of Monopoly was released with the original board based on 1990 property prices. The board featured prominent inner city streets and locations in Australia's seven capitals and, based on trends at the time, put Canberra as the most expensive city in the coveted dark blue property slots and Darwin the cheapest in the unwanted brown spaces.

However, a study of medial street prices shows property values have changed so much since then that the board would be almost unrecognizable if based on current property prices.

If the board was arranged based on today's prices for property in Australia , Hobart would now be the cheapest and Sydney would be the most expensive, with Darwin boosted to the dark green slot, just behind Sydney.

The gap between game prices and real prices has grown incredibly – the latest Core Logic RP Data figures show a standard home on even the cheapest street today - Hobart's Davey St - would actually cost you just over $305,000 in real money.

Mortgage broker Stephen Jones said comparing today's price with Monopoly, while an amusing illustration of Australian home value, shows the different speeds at which capital city property markets have moved.

" The resources boom has probably been the biggest changer of prices, which explains why property prices in Perth and Darwin, which used to be a lot cheaper, are now among the most expensive in the country, " he said.

" Sydney's position as Australia's most expensive city isn't surprising either considering the recent [price] boom and how it has lifted the median value of a home more than 70 per cent since 2008 ". Originally, it was the appeal of cheaper property, with plenty of room for growth that attracted buyers to Sydney's real estate market — driving prices up, and fast.

Sydney's suburbs Guildford, Northmead, North Rocks, Carlingford, Parramatta, Dundas Valley, Werrington, Glenmore Park, Toongabbie, South Wentworthville, Bella Vista and Baulkham Hills have all had their top house price smashed this year.

Most of these records are sitting comfortably above $1 million, with some already in the $2 million-plus bracket and in a few of Sydney's million dollar suburbs, the record has been broken several times in the past six months.

" We have got historically low interest rates so what has happened is that there was little price growth in Western Sydney and the southwest in the last seven years, and it makes housing in those areas very affordable, " said Malcolm Gunning, Real Estate Institute of NSW president.

" What has now pushed (prices) up it is the improved infrastructure, particularly in the northwest, with the extensions of Windsor Rd, the M7 and now the North West Rail Link, " he said.

Sydney's property market shows no sign of slowing with home auctions cropping up throughout the city and its suburbs, attracting massive buyer interest. It is also worth noting that there is a marked increase in domestic home purchases in Australia, as Chinese interests' shifts to the country's commercial real estate sector.

 

According to the Office for National Statistics this morning, UK property prices rose by 6.1% in the year to September 2015, up from 5.5% in August. The biggest jumps were seen in the east and southeast of England, and London, as usual.

Meanwhile, housebuilders have been reporting that business is booming. Taylor Wimpey's chief executive has reported a record order book, boosted by wage growth starting to outpace inflation. It appears that construction is now rising to demand and supply of housing in the UK is increasing.

In the past year, more than 155,000 homes have been built, up by 25% year-on-year- significantly higher than previous estimates of just over 124,000 new homes. They feel they're not getting enough credit for contributing to supply.

In addition, more than 20,000 new homes were created by converting commercial premises. That was up by 65% on last year. In some cases, established businesses have been evicted by landlords keen to benefit from the increase in their property's value that comes from its conversion to residential use.

In London, more than 24,000 homes have been built, compared to earlier estimates of just over 18,000. Some of the capital's most expensive areas saw their housing completions more than double in the most recently published statistics.

However, there is another major factor in the UK housing market, which explains affordability problems which is that it's not just about the supply of houses – it's about the supply of money.

With mortgages harder to come by and cash sales to investors an ever more important part of the market, it's hard to see what will replace demand when interest from foreign buyers starts to wane. With interest rates still more likely to rise than to fall further, support is unlikely to come from the ordinary buyer in the street.

Estate agent Savills has published research highlighting the scale of the looming affordability crisis in UK housing, claiming 350,000 people will need financial assistance to rent or buy property by 2020. According to the figures, around 70,000 new households a year will be unable to afford the market rate for rental or mortgages each year for the next five years.

Houses for sale in the run up to Christmas are typically priced lower to attract buyers in a quieter market, but with low mortgage rates holding up demand at a time when supply remains low, asking prices have fallen by just 1.3 per cent, according to The Times .

Overall, the outlook for the UK property market in 2016 is generally bright, with conditions for homebuyers expected to ease, improving affordability and slowing price growth to more sustainable levels.

The latest data released from Spain's General Council of Notaires shows that residential property sales in the country increased by 7.3% in November last year, compared with the same month in 2014.

The figures show just over 18-months of continuous growth in Spain's real estate sector, reflecting increasing buyer interest in the country, set to extend well into 2016 and beyond. Furthermore, analysts believe growth is sustainable, with price growth stability.

A breakdown of the data shows that apartment sales increased by 6.2% year-on-year, more than double the increase recorded in October 2015. This was largely due to transaction volumes of new apartments which increased by 8.3% and resale apartments 12.2%.

Sales of individual family homes also saw strong growth, up 11.4%, recording nine months in a row of double digit increases. However, sales of new housing fell for a tenth month in a row, down in November by 18.6%.

In the new-build market, the issue holding back price growth is lack of supply. This dynamic is slightly misleading however, as there is a vast supply of unfinished and empty housing stock across Spain that is mostly held in bank inventory.

As this inventory is released and made available to buyers, it could serve to prevent Spain's property market from overheating in the face of significantly increased buyer-interest. In the meantime, the supply issue is likely to affect price volatility in certain regions of the country.

The average price of homes sold in November was €1,219/m2, a fall of 1.1% year-on-year. A breakdown shows that apartment prices fell by 0.6% and the price of individual family homes fell by 0.8%. The data also shows that the price per square metre of second hand apartments fell by 0.7% year on year to €1,320 although new apartments increased by 5.9% to €1,666.

The total number of new mortgage loans also increased by 7.3% year on year in November but in seasonally adjusted terms this figure moderates to an increase of 2.4% year on year, the lowest increase in 18 months.

Spain's economy remains hampered by high unemployment rates and a significant public deficit. However, tourism has been booming in the country and its contribution to the economy continues to grow. In the regions of Spain popular with holiday home buyers and investors, property prices are set to continue to rise throughout 2016, albeit at a meandering pace.

As with all property markets, there are anomalies that present themselves as opportunities for value growth and savvy investors can still find such opportunities in Spain.