London retains rank as world’s top property market
Despite Brexit woes, London is still the world’s top spot for real estate investment. London beat out New York City, Paris and Hong Kong in the last year. London had £16.2 billion pumped into the property market, compared to £14.3 billion in Manhattan, £12.1 billion in Paris and nearly double the £8.4 investment in Hong Kong.
This is the second year where London has topped New York City. Investors from East Asia, primarily China and South Korea led the growth in residential and commercial property. In fact, 47 per cent of central London commercial property was bought up by investors from that region.
The Middle East region follows East Asia in investment into the property market.
While China was number one last year, investors from South Korea invested eight times as much compared to the previous year, spending over £2.56 billion.
In residential properties, wealthy Russian and Chinese investors have continued to buy up high-end properties near the best schools and universities, pushing luxury house prices higher.
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