More countries recorded rising property prices in the year to June 2014 than at any point since the start of the global financial crisis, but Europe is still lagging behind, according to the latest Q2 2014 Global House Price Index by Knight Frank.

Overall, the Index increased by 5.2% in the 12 months to June 2014, with Dubai topping the annual rankings for the fifth consecutive quarter. Within Europe, Ireland has jumped from 54th to 3rd position in the annual price change rankings in less than two years, with prices in Ireland increasing by 12.5% in the year to June.

A few European countries have separated from the pack, and risen up the table in the last quarter suggesting a two speed Europe is emerging. Turkey, Ireland and the UK are the frontrunners, whilst Cyprus, Greece and Slovenia are firmly lodged at the foot of the table.

Kate Everett-Allen, Knight Frank, international residential research says: “The overall trajectory of the index is an upward one with 40 of the 54 countries tracked by the index recording flat or rising prices on an annual basis.”