A global boom in housing prices has put the Philippines in the lead of an Asian rally as of the first quarter, according to a study made by online research firm Global Property Guide.

The study considered property prices as end-March, covering 27 countries and territories, including nine in the Asia-Pacific region.

Research findings show that first-quarter nominal prices in the Philippines rose 14.29 percent compared to year-ago level, higher than 13.75 percent in Singapore.

South Korea, where prices jumped 11.64 percent, completes a troika of markets in the Asia-Pacific region that showed year-on-year improvement as well as two-digit growths.

Still, Singapore led the region in terms of real price improvements, registering an increase of 13.19 percent year-on-year.

Philippine prices went up 10.04 percent while those in South Korea jumped by 9.36 percent.

“The house price boom is now moving toward Asia-Pacific,” the GPP study said. “Property prices in countries affected by the Asian crisis are showing strong signs of recovery, prompting fears that a property bubble is developing anew in the region.”

Global Property Guide senior economist Prince Christian Cruz said the current economic and monetary conditions suggest continued strong demand for housing in countries affected by the crisis.

“All economies affected by the Asian crisis grew by five percent in 2006,” Cruz said.

“GDP growth from 2002 to 2006 has been stronger than during the crisis period (1997 to 2001), although still slower compared to [the few years before the crisis set in],” he added.

Cruz said income per person in Indonesia, Hong Kong, South Korea and the Philippines were at an all time high. Here, the rate of increase was placed at 24 percent.

Global Property Guide said the Philippine real estate sector started its recovery in 2004, boosted by the business process outsourcing industry.

It added that with growing demand from overseas-based Filipinos, condominium projects were rising all over Manila and condominium prices and rents were going up.

Also, demand for office space for call centers and other business process outsourcing operations sparked the revival of the sector.