Chinese buyers are the top purchasers of new residential property in Sydney and Hong Kong, and they're also active in Kuala Lumpur and Bangkok, according to the report.

They are growing in strength in key Western markets, particularly New York. Their global presence is driven by the strong yuan and slowing domestic economy, which are encouraging Chinese investors to look further afield to diversify their risk, the report said.

"In China, we are seeing increasing interest in buying new homes overseas. And the main type of buyers has changed from migration-oriented to investment-oriented, said Maureen Yeo, associate director of international project marketing at Knight Frank Beijing.

"More buyers are targeting the overseas property market to diversify their investment portfolios," she said.

According to Louis Bai, chief executive officer of the Beijing branch of Barratt Homes Plc (a United Kingdom-based developer), members of China's emerging middle class, not millionaires, have been the major buyers of the company's projects in London this year.

"Most of our individual buyers' annual household incomes hover around 500,000 yuan. About 60 percent of them are pure financial investors, while 40 percent are thinking about emigration and their children's education," Bai said.

"Diversifying their investment portfolio is a key motivation in buying overseas property," he added.

China's growing importance in the international real estate market also reflects the rise of Asia as a wealth creation hub.

Asia is second only to North America in terms of its billionaire population, and the number of high-net-worth individuals in China is forecast to rise by 137 percent over the coming decade, according to Knight Frank.

Property curbs in Asia have driven many investors from the region to look further afield.

Singaporean and Russian investors are the next most active buyers of new residential property around the world, followed by UK and US buyers, according to the report.

About 39 percent of people surveyed cited political and economic risk in a buyer's home market as a key driver for international demand.

Another 47 percent of respondents stated that 'the safe haven effect' was the chief factor. Education and lifestyle are increasingly important when investing overseas, according to the report.