The top four markets are located in the Asia-Pacific region which recorded an average increase of 17.8%, with Australia recording 20% growth over the past year and a 4.8% increase from the December 2009 quarter to the March 2010 quarter, when the report was compiled.
China topped the list with growth of 30.6%, followed by Hong Kong and Singapore, while Israel came in fifth place with 15.9% growth, followed by South Africa, Canada, Finland and Norway.
The United States, which has suffered a massive blow to its property market during the financial crisis, came in 22nd place behind Indonesia, with just 2.3% growth.
The study also found 53% of the locations monitored by the Knight Frank Global House Price Index rose in the year to March 2010, while Ukraine and the three Baltic States continued to perform poorly with price falls of over 30%.
Australia also recorded growth of 10.2% in the six months to the March quarter 2010, according to the report.
But the report comes as the Australian property market is beginning to slow, with price growth now subdued in many states and clearance rates dropping across the country as buyers back away.
Liam Bailey, head of residential research at Knight Frank, said in a statement the most noticeable trend was that global growth can now be categorised into regions.
"The top four positions in our rankings are all occupied by Asia-Pacific locations, while Europe dominates the bottom half of the table."
"A recovery in the global housing market is undoubtedly under way, in Q1 2009 33% of countries recorded positive annual growth, in Q1 2010 this figure is closer to 53% but still some way off the figure of 90% recorded in Q1 2006."
Bailey also said that although the prices quoted in the report come from the Australian Bureau of Statistics, that the 20% growth figure might even be understated.
"In our opinion the results from ABS overstate the actual underlying price growth due to its unique methodology and seasonal shifts in market activity, partly as a result of the increase in first time buyer demand over the past year which has been driven by government incentives."
Bailey also echoed the popular sentiment that house price growth is beginning to slow due to rising interest rates and the withdrawal of Government stimulus.
"With interest rates now rising, the government withdrawing stimulus and the supply response picking up (albeit modestly), we expect house price growth to slow over the next six to nine months."
"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."
