According to a Knight Frank study, by March 2018, Hong Kong was the leader in annual housing price growth, for the first time since the second quarter of 2015.
Housing in the city-state for 12 months went up by 14.9%. Despite the increase in supply in the long term to 96,000 apartments in the next 3 to 4 years, property prices here continue to grow at a record pace. The Mediterranean island of Malta ranked second in the rating (+ 13.6%). The top five were Iceland (+ 13.2%), Ireland (+ 12.7%) and Jersey (+ 12.1%), according to the rating of Knight Frank.
Limiting the supply along with increasing demand together put pressure on prices in both Malta and Jersey. In the case of Ireland, the rapidly developing economy of the country attributes to the rise in prices. Ireland has been the fastest growing economy in Europe for four consecutive years, with GDP increased by 7.8% in 2017. But despite an increase of 12.7% over the year by March 2018, Ireland's housing prices remain 21% below their peak in the first quarter of 2007.