Ireland remains among the countries with the fastest growing house prices in the world, it is ranked in 9th place in Frank Knight's Global House Price Index with year-on-year house price increases of 8.9%.

Turkey is at the top of the index with annual price increases of 18.9% - Ireland held that position after the final quarter of 2014 with increases of 16.3%. Foreign investment, growing population and a slowdown in construction have driven up Turkish prices.

The report says that housing markets in Europe present a "mixed picture" and that countries like Ireland who saw major drops in their housing prices are now recording some of the fastest growth rates.

Property remains volatile in China where prices fell by 2% in the year to September - and improvement on a 5.7% fall in the previous quarter.