These are the world's hottest and coldest property markets

New Zealand house prices are rising at a faster rate than London, according to new research by Knight Frank.

The average house price in Auckland hit NZ$1m (£554,000, $743,000) for the first time last month.

When taking nominal price growth into account, Turkey tops the list with 13.9 per cent growth. However, on real price growth, that doesn’t take inflation inro account New Zealand tops the list as Turkey falls to the 13th position with seven per cent growth.

Taiwan came at the bottom of Knight Frank’s ranking, with price falls of 9.4 per cent over the past year while Hong Kong and Singapore also witnessing reductions in house prices.

“What’s interesting is that we’ve seen governments and central banks in these western countries adopt some of the measures introduced in Asia to take the heat out of their property markets,” Nicholas Holt, Asia Pacific Head of Research at Knight Frank told the BBC.

“This is to address domestic concerns such as affordability, reduce speculation and prevent borrowers and banks from over extending themselves,” he explained.

Top 10

1. Turkey 13.9 per cent
2. New Zealand 11.2 per cent
3. Canada 10.0 per cent
4. Chile 9.4 per cent
5. Sweden 8.9 per cent
6. Malta 8.8 per cent
7. Austria 8.1 per cent
8. Iceland 8.1 per cent
9. Mexico 8.0 per cent
10. Germany 7.9 per cent

Bottom 10

1. Taiwan -9.4 per cent
2. Ukraine -9.2 per cent
3. Hong Kong -8.1 per cent
4. Morocco -3.6 per cent
5. Greece -2.9 per cent
6. Singapore -2.4 per cent
7. Cyprus -1.6 per cent
8. Italy -1.2 per cent
9. Brazil -0.7 per cent
10. Japan -0.3 per cent