Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. 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
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter