Singapore and Shanghai have been ranked as the top real estate investment destinations in Asia, whilst Osaka and Manila were deemed the least appealing by an industry survey conducted by the global non-profit Urban Land Institute and PricewaterhouseCoopers. Singapore’s strong economic growth and brisk activity in the financial and high-tech industries brought the city-state to the fore in first place, whilst Shanghai, Mumbai and Hong Kong were the next favorites. Falling one place due to sharp increases in property prices, damping some investor interest, Shanghai dropped to second in this year’s survey. Hong Kong’s fourth place was unlikely to have been affected by the cooling measures introduced by the government after the survey was completed say survey executives. “Residential doesn’t drive the market,” Stephen Blank, senior fellow at the Urban Land Institute, told Reuters. Although Asian governments are likely to introduce further cooling measures, the strength of their individual economies is likely to be the fundamental driver for investment decisions, especially in the commercial real estate sector. Based on the survey that looked at 20 Asian cities, investors are least keen on investing in Bangkok, Auckland, Osaka and Manila due to factors, such as office space oversupply and stagnant commercial rents. The survey is based on the responses of more than 280 property professionals, including investors, developers, property company executives and brokers.