If property markets competed globally and it were an Olympic sport – who would be the winners, losers and ones to watch?

It’s not quite a spectator sport, but  the Knight Frank Global House Price Index makes for an entertaining read nevertheless. The latest figures have been published and the results are in for the first quarter of this year.

Ireland would retire due to injury. At an annual drop of 11.9% and ranking 48^th its sorry economic state is cemented with devalued properties lying empty all around the country.

Bringing up the rear, in a surprisingly solid performance would be Dubai which, in the past six months has finally showed a positive rise in prices by 2.1%.

But can the UK, which is placed at a middling 29^th with an increase of 1% after a year of decline, regain its position at the front of the pack?

For the moment, Asia will take gold, silver and bronze; Hong Kong, India and Taiwan dominate the top of the rankings this quarter although Hong Kong’s out-of-control inflation (which the government is trying to cool), has risen recently to 24.2%, which could have serious consequences in a year’s time, and cause them to drop to a level pegging with Europe.

On Asia’s heels, the wild cards for overtaking Asia  (and a safe bet for buying property in), are Israel and France. According to Knight Frank, Israel has been steadily in the top ten for the past two years and has a far more stable and controlled inflation rate than Asia. France has leaped from 30^th to 6^th place with an 8.6% rise since 2010. Knight Frank believes that the country’s greater productivity has impacted on wages, consumer spending and property demand.

So can the underdogs overtake Asia in a year’s time? Only time will tell; on your marks, set, go.

Many British owners of overseas holiday homes have spent the past 18 months watching their properties endure price drops, no doubt much to their discomfort.

Or at least that is the received wisdom. But research released today reveals that,  instead, the weakening pound has increased rather than diminished the value of their overseas investments.

Figures from foreign exchange specialist Close Treasury show that, despite falling prices in France, Spain, Portugal and the USA, and weak price growth in Italy, the dominance of the euro and dollar have – on paper – helped increase the  value of British-owned properties overseas.

A British-owned villa in Portugal which, despite local price drops, may still be worth more today than 18 months ago following recent pound/euro fluctuations

Close Treasury says the collective value of our places in the sun increased by £2.6 billion between July 2008 and December last year – during the lows of the general economic and banking crisis.

For example, during this period prices in France dropped on average by 6.6% but because of the euro’s increased strength against the pound, British owners saw an average rise in value of £10,400 per property. Close Treasury says there are 98,000 properties in France owned by Brits.

In Spain, where some 144,500 properties are owned by British citizens, house prices fell by 8.35% between 2008 and 2009, but the euro difference gave owners a collective gain of £1.1 billion or £7,700 a property.

And even in the US, where the property market has endured the darkest days most Americans can remember, Brits saw the cash-in value of their properties in the land of the free jump by £1,750.