When you think of the countries where the the Real Estate market is hopping, the usual suspects will come to mind: China, UK and Canada, but the below list will certainly surprise you.

10. Malta - This little island just south of Sicily, Italy has a high population and a strong culture in home ownership. The market is recovering nicely putting it at number 10 on our list.

9. China - The real estate market in the large cities of China continue to rise, regardless of the government "measures that are aimed at curbing speculative housing investment."

8. Israel - The property prices in Israel are nearly 25% higher that their equilibrium values. This is due to the the low mortgage rates and the shortage of houses.

7. New Zealand - The housing market has rebounded quickly, due to the limited limited housing stock.

6. Turkey - As political and financial situations are beginning to affect the real estate market in Turkey, the real estate "boom" has 30% of the country's GDP since 2002.

5. Iceland - This tiny nation was hit hard by the 2008 global crisis, but the real estate market has recovered nicely due to its young population.

4. Australia - The big cities in Australia, such as Sydney, Melbourne and Perth are seeing a vibrant recovery.

3. United Kingdom - House prices have hit a new high has been fueled by record low mortgage rates in the United Kingdom.

2. Ireland - Housing prices are rising the quickest the Ireland has seen since 2007.

Here's the kicker! Number 1 on our list of top 10 Real Estate Booming Countries is...

1. Estonia! Yup you heard right! With a population of 1.3 million (in the entire country) Estonia has the hottest property market for 2014!