Global house price inflation in quarter four of 2007 stood at an annualised 8.2 percent, down from 9.7 percent a year ago, the Knight Frank global house price index shows.
Bulgaria topped the index with growth of 33.7 percent, followed by Russia at 30 percent.
In the Far East, Singapore and Hong Kong also outperformed the market, with annual growth of 31.3 percent and 22.3 percent respectively, as did China, where prices grew 10.5 percent overall and by 20 percent in some cities.
However, Estonia, where prices dropped 14.5 percent, took bottom place -- a sharp reversal on a year ago when prices climbed 23.8 percent.
Ireland, Latvia, Germany and the U.S. also recorded negative year-on-year growth of 7.3 percent, 7.1 percent, 4.3 percent and 0.3 percent respectively.
House prices in Britain grew 5.2 percent, down from 8.4 percent a year ago.
Liam Bailey, head of residential research at Knight Frank, said: "While property prices in Europe and America appear to be suffering from the downturn in economic conditions; prices in Asia and elsewhere -- notably Singapore and Hong Kong -- are performing very well."
One of the most "outstanding" features of the latest figures, he said, was Bulgaria's continued strong showing against an "astonishing reversal of fortune" witnessed in three Baltic countries.
While property prices in Latvia and Estonia fell, those in Lithuania managed growth of just 0.9 percent. A year ago, they were all high fliers, recording annualised growth rates of 66.6 percent, 23.8 percent and 23 percent respectively.
"Uncertain employment conditions, rising interest rates and household indebtedness are all identified as contributory factors in this turnaround," said Bailey.