The World’s Hottest Real Estate Markets

5. Colombia
5-year price growth: 39.4 percent

Colombia is the only South American country to make the list.

Rapid economic expansion, with GDP growth of nearly 6 percent in 2011 — its highest in four years — has led to an increase in house buying especially among the growing middle-class. Plus a decade-long military offensive against illegal armed groups has made it safer to do business in the country, attracting a flood of foreign investment, ... more 

5. Colombia
5-year price growth: 39.4 percent

Colombia is the only South American country to make the list.

Rapid economic expansion, with GDP growth of nearly 6 percent in 2011 — its highest in four years — has led to an increase in house buying especially among the growing middle-class. Plus a decade-long military offensive against illegal armed groups has made it safer to do business in the country, attracting a flood of foreign investment, which has in turn boosted property prices. Foreign direct investment jumped more than 30 percent in the first quarter of 2012 to $4.2 billion compared to the period last year.

Property prices went up 3.2 percent year on year in 2011, while new home sales were up 19 percent in the first half of last year compared to the period a year earlier, according to government figures.

Pictured left: The view over Bogata, Columbia less