Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

London overtakes NY as top location for property investment

London overtakes NY as top location for property investment

London has overtaken New York to become the world’s leading global destination for overseas property investment for the first time in five years.

Members of the Association of Foreign Investors in Real Estate (Afire), estimated to hold around $2 trillion in property assets globally, named the UK capital as their favoured destination for the first time since 2009, the only one of the top five out of the US.

Despite some early warning signs of a supply glut approaching in London and the government’s decision to levy capital gains tax on overseas property owners, demand for property in the city remains undimmed.

London was voted top of the annual survey, now in its 22nd year, by 24% of members. It was followed New York with 21%, followed by San Francisco, Houston and Los Angeles.  

In a sign of the continuing turn-around in expectations for the British housing market, the UK went from being unplaced last year to being voted the third best location for capital appreciation.

Spain, tied with Australia and Mexico as the fifth top global destination for capital appreciation in 2012, was second, with the US remaining top for the second consecutive year.

‘While the US remains the primary target for foreign investment, 69% of survey respondents projected they would also have modest to major net increases in their European portfolio,’ said Afire chief executive James Fetgatter.

‘The US leads the rankings for planned real estate acquisitions in 2014 with 48% of respondents projecting a modest increase in their U.S. portfolio size and 20% projecting a major increase. No respondents projected a major net decrease.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter