In addition to cities like Los Angeles, Phoenix, Minneapolis, and Miami that are experiencing a healthy housing market, there are a number of booming locations internationally for both residential and commercial properties.

According to residential and commercial real estate news and data gathered from the International Monetary Fund, it is possible to determine the exact locations overseas seeing tremendous growth in the housing market. This organization creates a Global Housing Watch in which prices within 50 countries are tracked for housing.

Although some economies are still recovering from the recent financial crisis, many have begun to thrive and for some, the market has completely rebounded. As shown in the second quarter of this year, there are ten countries in particular that are doing extremely well.

Malta – Prices for housing are currently up more than five percent. Although a small island located to the south of Sicily, the density of a high population mixed with a unique culture of homeowners has helped the market grow.

China – Housing prices in China are up 5.6 percent and this country is still growing quickly even though the Chinese government is pushing to curb investments in housing.

Israel – The housing prices in Israel have reached just over 6 percent and now the cost of property is up around 25% more than equilibrium values primarily because of a shortage of supply and low rates for mortgages.

New Zealand – This too is an excellent international market for housing with prices climbing 6.3 percent. While some countries have struggled, the rebound in New Zealand was quick because of constraints geographically but also a limited supply of homes.

Turkey – Since 2002, approximately 30 percent of the country’s gross domestic product has accounted for the boom in real estate but there is some financial and political turmoil starting to impact the housing market. At this time, prices for homes in Turkey are up 6.7 percent.

Iceland – Prices have jumped 6.8 percent and considering that the 2008 global crisis hit Iceland exceptionally hard, the market has rebounded nicely because of a younger generation of residents.

Australia – Jumping 7.4 percent is Australia with the larger cities to include Perth, Sydney, and Melbourne seeing the most growth in the housing market.

United Kingdom – With the current price for homes up 8.1 percent, numbers have now passed the peak set in 2007. Low mortgage rates are the main reason for the housing boom.

Ireland – Up 9.1 percent, prices for homes in Ireland are growing extremely fast even though the country is still going through a slight recovery period. Because of this, many homes in Ireland have dropped to as much as 60 percent below the peak value in 2007.

Estonia – One of the biggest changes is Estonia where prices for homes went up 15.9 percent. This Baltic nation only has a population of 1.3 million yet this year it has one of the hottest housing markets in the world driven by foreign direct investment per capita, specifically from countries like Sweden and Finland.

With interest rates still at near record lows, there are many countries experiencing housing booms. Although this is good news there are still some experts with concerns that ultimately, the gains in housing prices could lead to a financial mess if the Federal Reserve begins increasing interest rates more than anticipated next year.