Singapore has the highest level of outstanding mortgage debts compared to other countries in the region, according to the recent semi-annual East Asia and Pacific Economic update released by The World Bank.

According to the report, home loans in the city state accounted for 52 percent of its total outstanding loans last year.

Taiwan came in second, with home loans accounting for 42 percent of its total outstanding loans.

Back in 2008, Hong Kong ranked first in terms of household mortgage debt to a country’s gross domestic product (GDP) ratio, accounting for 41 percent of its GDP. Taiwan followed closely behind with household mortgage debt accounting for 40 percent of its GDP.

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