The survey was carried out by the US Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) as part of a report on emerging trends in real estate in Asia-Pacific in 2020. According to the report, due to challenges posed by geo-politics in the region, real estate investors have shifted to less adventurous markets with fewer risks. Singapore and Tokyo, Japan top the rankings while Sydney and Melbourne, Australia came in fourth and fifth respectively.