Singapore private home prices grew at a faster pace in the first quarter as it joined the frenzy gripping property markets from Hong Kong to Toronto.

Property values increased 2.9% in the three months ended March 31, Urban Redevelopment Authority preliminary figures showed Thursday. Prices rose 2.1% in the previous quarter, while for the whole of 2020, values jumped by 2.2%.

Prices in the city-state have recovered rapidly from a lockdown that lifted last June as low interest rates prompt buyers to look past a deep recession. The pace of gains -- from private apartments to public housing flats to luxury penthouses and bungalows -- have soared in the past few months. Rising values in the private market could further fuel the possibility of the government stepping in to calm the market.