Housing prices in Ireland rose 17.6% year over year in the first quarter of 2015, the largest gain of any country. Real housing prices in Ireland hit a low of 20% below average in 2012 and have now returned to their level in 2007, before the financial crisis hit. Prices fell the most in Ukraine, where they were down more than 36% year over year.

On a nominal basis, 31 of the 38 countries included in the survey posted price gains, while 25 posted gains based on inflation-adjusted data.

According to the latest survey by Global Property Guide, the strongest housing markets in the world are in Europe, with three of the top five. Of the 19 European markets the firm surveyed, 13 experienced year-over-year price increases. Estonia (Tallinn) and Sweden ranked third and fourth with increases of 9.6% and 8.8%, respectively.

As measured by the Federal Housing Finance Agency (FHFA), U.S. house prices rose 5.06% year over year, and as measured by the Case-Shiller index, U.S. housing prices rose 4.24%. The U.S. ranked 14th by the FHFA measure and 15th on the Case-Shiller index.

At the bottom of the rankings, Russia was second-worst with price decline of 9.6% and Beijing ranked third-worst with a decline of 5.3%.

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The stronger dollar played a role in the rankings, especially in Europe, where the euro fell by nearly a quarter with respect to the dollar. Buyers paying in dollars were getting a better deal than buyers paying in euros. Currency devaluation in Ukraine and Russia hit housing markets hard.

In Asia the two markets that saw sharp increases in housing prices were Hong Kong, ranked second overall with a price hike of 14.4%, and Japan (Tokyo), ranked 10th, with a jump of 6.3%. Japan’s economic stimulus package has helped boost housing prices, and with the country’s economy touted to post a 1% GDP gain in 2015, the price increases are likely to continue.

In China the government tapped the brakes last year and then tapped the accelerator. In Beijing the price index of existing residential buildings fell 5.3% year over year. Singapore saw its sixth consecutive quarter of falling housing prices.

The following table lists the ranking of the 38 countries that have published housing statistics so far.

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