Residential property prices have increased in 53% of locations across the world in the year to March 2010, according to Knight Frank.

The Asia Pacific region saw the strongest growth with an average price increase of +17.8%, with China, Hong Kong and Singapore seeing the three highest increases at +68%, +30.6% and +24.3% respectively.

Liam Bailey, head of residential research, Knight Frank, said: “Arguably, the most noticeable trend in global house prices is the ease with which the performance of global housing markets can now be grouped by world region. The top four positions in our rankings are all occupied by Asia Pacific locations, whilst Europe dominates the bottom half of the table.

“A recovery in the global housing market is undoubtedly under way as in Q1 2009 33% of countries recorded positive annual growth and in Q1 2010 this figure is closer to 53%.

Annual price inflation moved into positive territory for the first time since Q4 2008 across all global housing markets, with a recorded +1.6% growth in the year to March 2010.

Ukraine and the three Baltic States meanwhile still occupy the bottom places with annual price falls of more than 30% as Lithuanian prices dropped -32.1%, the Ukraine -34.7% and Estonia -40.3%.

Bailey said: “Analysis of the quarterly growth results suggests the markets in some of the worst performing markets such as the Baltic States and Ukraine are starting to experience some respite, with prices falling at a slower rate than previously. Estonia experienced a -40% fall in prices annually but only a -0.5% fall during the first three months of this year.

“Generally, however, the Q1 2010 results suggest that whilst global housing markets remain polarised, each quarter provides new evidence that the global recovery is gaining ground as the proportion of countries moving into positive territory increases. It remains to be seen whether this is another period of sustained growth or the middle peak in a double dip recession. Certainly, a number of European economies face growing challenges in the form of tightening fiscal policy and austerity measures.”