Suckerpunch: hong kong leaves europe in the dust

House prices in Hong are growing at an incredible rate, according to Knight Frank's Global House Price Index.

The latest analysis from Knight Frank's international property division, claims that Hong Kong recorded the largest price rise in 2012, while Greece had the largest fall.

19 of the 20 countries which experienced price falls in 2012 were located in Europe, which continues to lag, and Hong Kong leads the Pack, where mainstream property prices rose on average by 23.6% in 2012.

They also found that South America experienced the strongest growth, an increase of 8.4% on average, said Kate Everett- Allen from Knight Frank.

Meanwhile property prices in Asia Pacific rose faster in 2012 than in 2011, increasing by 6.7% on average compared to 2.8% a year earlier.

Overall, the results of the latest Knight Frank Global House Price Index suggest the rehabilitation of the world's housing markets - following the global financial crisis - is still a ‘work in progress'.