Singapore’s popularity as one of Asia’s top real estate investment destinations has taken a dip, local media reported on Wednesday.
A new survey by the Urban Land Institute and PricewaterhouseCoopers (PwC) put the city state in 5th place in the latest rankings of Asia-Pacific cities with the best property investment prospects, where it previously came in second, local English newspaper The Straits Times reported.
The top three cities are China’s Shanghai, Hong Kong and Beijing with South Korea’s Seoul in 4th place.
PwC said that the results came as no surprise in the light of the remarkable resilience of the Chinese economy.
About 270 industry experts from across the region, including investors, developers, property companies, lenders, brokers and consultants, were asked about their views on the outlook of the property sector for the survey.
Concerns about an oversupply of property in Singapore over the next two years dented the city’s ranking among developers.