LONDON, Dec 6: Booming housing markets in emerging Asia have pushed global residential property prices to a new peak, according to a report on Friday.

Consultancy Knight Frank’s global house price index rose 4.6 per cent over the 12 months to the end of September, taking it 4pc higher than its previous peak in the second quarter of 2008. MCE “The index’s strong performance has been assisted not just by headline grabbing price rises in Dubai, China and Hong Kong, but also in a number of emerging markets,” said Kate Everett-Allen, associate at the London-based property consultancy.

Dubai topped the index, as house prices there rose more than a quarter over the last 12 months, followed by China, Hong Kong and Taiwan. Struggling southern European economies filled the lower reaches of the index, with house prices falling steeply in Croatia, Spain and Greece. “There are still 17 countries where house prices fell in the year to September — all except three were located in Europe. Only Japan, South Korea and New Zealand interrupt Europe’s dominance at the foot of the table,” said Everett-Allen.—Reuters