Malaysia is 9th hottest real estate market in the worldBased on research by global real estate consultancy Knight Frank, CNBC has ranked the world’s top ten hottest real estate markets on which Malaysia takes the ninth spot.

The list comprises ten countries judged on their average growth in housing prices from Q4-2006 to Q4-2011.

Malaysia’s five-year price growth was recorded to be 28.5 percent and is anticipated to be propelled further should the government follow through with recently announced deliberations to increase the property price threshold for foreign investors.

According to the CNBC-Knight Frank report, prime property in Kuala Lumpur (KL) marked approximately US$500 (RM1,515) psf last year while the total supply of apartments in the capital by the end Q4-2011 was 29,364.

Last month, IP Global had named KL as the top destination for property investors across Asia-Pacific seeking to diversify their portfolios with affordable properties, mostly due to Malaysia’s economic stability amidst financial crises in Europe and the United States.

The following is CNBC’s full list of top 10 hottest property markets in the world and their respective average five-year price growth :

10. Switzerland (27.5 percent)
9. Malaysia (28.7 percent)
8. Norway (28.7 percent)
7. Canada (28.7 percent)
6. Taiwan (30.1 percent)
5. Colombia (39.4 percent)
4. Singapore (50.5 percent)
3. Israel (54.4 percent)
2. Hong Kong (93.7 percent)
1. China (110.9 percent)