New York remains the top global city for property investment | 10 October 2014
New York remains the top global city for property investment, the fourth consecutive year it has come in at number one.
The figures come from a new report by Cushman and Wakefield, which put London into second place among the world’s top 20 biggest spending cities. These figures capped off a year in which the global property investment market grew to $788 billion (to June 2014), reports msn.com.
New York alone has captured seven per cent of the global market share and seen its real estate investment volumes grow 12.6 per cent year-on-year, reaching a total of $55.4 billion. Concurrently, London saw a 40 per cent increase in investment activity, totalling $47.2 billion, as it remained the preferred choice among international players.
While the top 20 is dominated by US cities such as Seattle, Atlanta, and Dallas, non-US cities making the grade include Berlin and Sydney. The 10 highest ranking are: New York, London, Tokyo, Los Angeles, San Francisco, Paris, Chicago, Washington DC, Dallas and Hong Kong.
Meanwhile, the cities of Singapore, Toronto, Moscow and Seoul fell out of the top 20, to be replaced by Beijing, Shanghai, Miami and Stockholm, reported straitstimes.com. Despite this change, the report reassured that these moves are ‘relatively small’, as gateway cities such as Singapore promise to deliver steady growth.
Carlo Barel di Sant’Albano, international CEO at C&W explained these changes in the report: “While gateway cities remain a primary focus for investors, interest in a broader spread of locations is increasingly apparent due to improved confidence and finance availability as well as a lack of supply in core cities”.
Further down the list, Dubai and Dublin moved significantly up the rankings this year, progressing from numbers 186 and 82 respectively, to both enter into the top 50.
Looking ahead, the report predicts a positive overall outcome where, according to Carlo Barel di Sant’Albano, “competition, growth and change will bring forth more new global winners.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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