Activity in the Asian property market was up considerably last year compared to 2009, with investors taking advantage of the economic recovery and spending a total of USD 63 billion in transactions.

The figures, released by real estate consultancy CB Richard Ellis (CBRE), are a massive 59 per cent up on 2009 where just USD 39.2 billion was spent.

Rising prices in Hong Kong and Tokyo made up almost half the total amount spent, the study said, although the news comes amid growing fears that many economies in the region are heading towards an asset bubble.

The Asian real estate investment market enjoyed an encouraging end to the year and prices for prime investment property have now recovered substantially, said Nick Axford, the consultancy's head of research for the Asia-Pacific area. The market outlook remains generally optimistic.

Meanwhile, cross-border property investment also picked up last year, with CBRE stating that there was a 96 per cent year-on-year increase in activity.