SINGAPORE (Reuters) - It's a decade since an asset bubble fed the Asian economic crisis and fears swirl over the U.S. housing market and interest rate

SINGAPORE (Reuters) - It's a decade since an asset bubble fed the Asian economic crisis and fears swirl over the U.S. housing market and interest rates, but investors still believe the only way for Asia's soaring property markets is up -- at least for a couple of years.

Asian economies are booming, and property is once again the hot subject of dinner conversations from Tokyo to Mumbai, fuelled by cheap credit, cross-border investment and rising incomes.

Policy makers fear a boom-and-bust cycle, where rising real estate prices fuel inflation and force interest rates higher, leaving households and companies loaded with debt and dragging on economic activity.

But at the Reuters Real Estate Summit this week in Singapore, where some residents are seeing their rents jump 50 percent overnight, property executives effused about India, despite a doubling in urban land prices since foreign property investment was ushered in two years ago.

Japan also appears to be still hugely popular, although average Tokyo office prices have leapt 25 pct in last two years.

And investors believe government cooling measures will bring order to China's market, while failing to stem a hunger for homes among the expanding and increasingly affluent middle class.

Justin Chiu, executive director of Hong Kong property giant Cheung Kong (Holdings)(0001.HK: Quote, Profile, Research), said the prospect of ever higher prices was driving Asia's notoriously sentiment-driven markets.

"If there are no bubbles, you don't drink beer. It's just plain water and there's no incentive to invest," he said. "Of course, if you see too many bubbles, you stop pouring."