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2.1.10 meltdown in U.S. property prices has not dampened enthusiasm for home buyers in other countries, particularly Asia.

In most parts of the Asia Pacific home prices continue to rise. But for a bump in late 2008 and early 2009, solid demand for people to own their own homes, villas, and apartments, coupled with lower interest rates and government stimulus, has fueled major increases in prices.

Home prices in Singapore soared 15.75% in the third quarter alone this year, prompting the Singaporean government to deounce property speculation, and warning that the market was forming a "bubble."

In Australia, home prices in Sydney have solidified and begun to grow again, despite being at what many say are unaffordable prices. A growing population however is pushing tenants facing skyrocketing rentals to consider buying their own home. On the other side of the country in Perth, homebuyers are also facing steep price increases as the city, and the state, are basking in a buoyant economy driven by a resources boom in the northwest of the state. China, particularly in cities like Beijing and Shanghai, growing demand has pushed prices to lofty levels, with many now openly referring to the boom as a "bubble." The government has already imposed measurers to limit price increases and is considering further moves.

Last week Chinese Premier Wen Jiabao was quoted by the Xinhua newsagency as saying, "property prices have risen too quickly." He pledged to rein in speculators.


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