World's 10 Hottest Real Estate Markets

4. Singapore

Average 5-year price growth: 50.5 percent

One of the most preferred tourist destinations, Singapore, is also an expensive city to buy property as well as one expensive real estate market in Southeast Asia. According to Knight Frank, the city was offering an average price of $25,600 per square meter for luxury property in the fourth quarter of 2011. Also, the country stood at third position after Hong Kong and Tokyo on the list of most expensive city to rent ultra-luxury property in Asia last year, according to research firm ECA International. Moreover, Singapore is known for its high rate of taxes, mainly on rental incomes. And, foreign nationals have to pay an extra 10 percent along with the existing tax structure.