Singapore is now the best property market in Asia as it provides the best real estate investment prospects in terms of price increases in 2020, according to a report released by the Urban Land Institute and PricewaterhouseCoopers.

Hong Kong, which was ranked 14 last year in the list, slips to the bottom of the list as citizens continue to protest the Hong Kong extradition bill and also the fear of losing its autonomy.

Singapore’s property market has largely benefited from the political unrest in Hong Kong as real estate investors look elsewhere to invest their money.

Urban Land Institute CEO Ed Walter told the media, “A lot of theory in investing is less about what was, versus what is or what is going to be.”

The report also revealed that property deals worth $4.9 billion were carried out in Singapore during the first half of the year, a 73 percent increase year-on-year. Singapore is also one of the few property markets in the region where real estate transactions significantly increased during the period.

In 2017, Singapore was ranked second in the list which includes 22 other global cities such as Tokyo, Sydney, and Bangalore.

Reportedly, real estate investment sales in Singapore doubled from $6.7 billion in the second quarter to $16.74 billion in the third quarter of 2019. The real estate investment sale in the third quarter was 49 percent higher than the volume of the first and second quarters combined.

The largest real estate transaction carried out in Singapore so far involved Allianz Real Estate and Gaw Capital Partners acquiring Duo Tower and Galleria for $1.58 billion.