House prices fell in Singapore and China in Q3 but the market is more buoyant in Hong Kong, new figures show.

Singapore’s residential property market fell 3.3 per cent in the third quarter of this year from a year before and Hong Kong’s prices, while up 6.3 per cent, trail some way behind top performers, according to Knight Frank, the global real estate firm.

Across 54 jurisdictions around the world, prices rose by 3.3 per cent in 12 months to September from a year ago; over the quarter, the rise was almost static, up 0.1 per cent, the firm said in its Global House Price Index report.

The biggest year-on-year gain in Q3 came from Ireland, at 15 per cent – suggesting that this country’s property market, ravaged by the 2008 financial crisis, is recovering. In second spot is Turkey (14 per cent), followed by Dubai (12.5 per cent); the UK (10.5 per cent) and Estonia (10 per cent). The US is in 25th spot, with a rise over the year of 4.8 per cent; Switzerland is up a mere 1.2 per cent and Japan is down 1.1 per cent. The weakest jurisdiction is Cyprus, with a fall of 9.2 per cent, the survey showed. China, the world’s second-largest economy, saw a year-on-year 1.2 per cent fall.

“Muted growth in the third quarter comes on the back of jitters over the global economy, a lingering malaise in Europe and, in the US, a slower-than-expected housing recovery,” Knight Frank said.

The firm said no country has reported an annual drop in house prices at more than 10 per cent for three quarters in a row, suggesting the behaviour of the 54 countries’ markets is becoming more similar in certain respects.

In China, Knight Frank said that 58 of the 70 largest cities in the country reported a fall in prices. In Taiwan, prices rose 9.7 per cent; India prices were up 6.7 per cent and South Korea prices up by a more lukewarm 1.9 per cent, the firm said. Australia prices rose 9.1 per cent.