(YNETNEWS) — Israel remains one of the hottest housing markets in the world, according to a survey conducted by real estate agents Knight Frank and based on housing price increases from Q4 2006 until the last quarter of 2011.

According to CNBC, which published the survey, Israel ranks third with a five-year growth of 54.5% in housing prices. Israel beat Singapore, with a five year growth of 50.5%, but was far behind China (ranked 1st with five year growth of 110.9%) and Hong Kong (93.7%).

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