SINGAPORE’S property market is setting the pace as real estate prices soar across the Asia-Pacific region.

SINGAPORE’S property market is setting the pace as real estate prices soar across the Asia-Pacific region.

The country posted a ‘remarkable house price growth’, year on year, of 21.05 per cent for the 12 months ended June, up from 6.08 per cent the previous year, an online research house, Global Property Guide, said yesterday.

That placed it fourth in the overall ranking of 42 countries and top in the region.

Singapore’s property market recovery from an ‘eight-year house price slump’ was ‘thanks to its booming economy’, the report added.

Top spot went to the Baltic state of Latvia while its neighbour, Lithuania, came in third. Bulgaria was second. All three recorded price rises of 25 per cent or more for the year ended June compared with the same period a year ago.

Some other Asia-Pacific economies that made the rankings included the Philippines, which had price growth of 14.29 per cent, placing it seventh, and Hong Kong - in 14th position with 8.78 per cent growth.

Unlike most Asian countries, Thailand’s prices dropped by 3.47 per cent for the period after a rise of 3.92 per cent for 2006.

While prices in the Asia-Pacific are heating up, Europe’s price growth continues its moderate trend, said the report.