The global housing boom appears now to be losing momentum, with most of the Middle East, Latin America, New Zealand and some parts of Asia experiencing either house price falls or a deceleration of house price rises, according to residential price portal

The five strongest housing markets in the house price survey for the second quarter of 2017 were Iceland (+21.28%), Hong Kong (+19.27%), Ireland (+13.52%), Canada (+13.08%), and Romania (+8.87%).

During the second quarter of 2017 house prices rose in 28 out of the 43 world’s housing markets which have so far published housing statistics, using inflation-adjusted figures. The more upbeat nominal figures, more familiar to the public, showed house price rises in 33 countries, and declines in 10 countries.

The biggest y-o-y house-price declines were in Puerto Rico (-9.59%), Russia (-7.58%), Qatar (-6.25%), Macedonia (5.99%), and Egypt (-5.32%).

During Q2 2017, only 16 of the world’s housing markets for which figures are available showed stronger upward momentum, while 26 housing markets showed weaker momentum, according to Global Property Guide’s research.

The U.S. showed mixed results, with the Case-Shiller index showing stronger momentum, in contrast to the FHFA’s index’s slightly weaker momentum in Q2 2017 from a year earlier. Momentum is a measure of the “change in the change”; simply put, momentum has increased if a property market has risen faster this year than last (or fallen less). The momentum data show that most housing markets covered in our survey are now slowing.

Inflation-adjusted figures are used throughout this survey. In the case of Kiev, Ukraine, the Global Property Guide adjusts using the official U.S. inflation rate since Ukrainian secondary market dwelling sales are denominated in U.S. dollars.