Ho Chi Minh City has been named in the third position among locations that feature the best real estate investment environment in the Asia-Pacific region, just behind Singapore and Japan’s Tokyo, according to a social survey report released on November 12.

The joint survey was conducted by the Urban Land Institute and the audit firm Pricewaterhouse Coopers, with the report outlining the latest trends of the Asia-Pacific region’s real estate market moving into 2020.

The report notes that due to the ever-changing geopolitical environment regionally, investors are now seeking markets that carry fewer risks.

Ho Chi Minh City ranked third in the list, ahead of Australia’s Sydney and Melbourne in fourth and fifth place, respectively.

One notable change in this year rankings is Hong Kong (China) which has dropped from 14th place to the list’s last position.