Prime land prices in Asian cities have been soaring in the last two years with a new index tracking markets in locations across the region showing the fastest growth is in the south east of Asia.

Some 24 of the 26 markets tracked, 13 residential and 13 office markets, saw increases in the two years from December 2011, according to the inaugural Prime Asia Development Land Index from Knight Frank.

Prime Asia residential and office development land indices increased 50.4% and 38.3% respectively over the last two years with Southeast Asian markets seeing the fastest price growth for prime development land.

Bangkok, Jakarta, Kuala Lumpur and Phnom Penh make up four of the top five cities in terms of price growth and the mature markets of Hong Kong, Singapore and Tokyo saw the lowest price growth.

“As the first ever index on development land prices of its size and scope, this will become an important resource for developers, investors, financers and policy makers,” said Nicholas Holt, Knight Frank head of research for Asia Pacific.