London overtakes New York as top city for property investment

LONDON has overtaken New York as the best city in the world to invest in real estate, according to a survey released by a global investor group yesterday.

Nearly a quarter of the points awarded to a range of worldwide cities went to London in 2013, with New York in second place with just over 20 per cent.

America still dominates the foreign investment survey, with San Francisco, Houston and Los Angeles coming third, fourth and fifth respectively.

The survey, conducted by the Association of Foreign Investors in Real Estate (AFIRE), saw London reclaim the top spot for the first time since 2009.

“Our members’ increasing interest in cities beyond the powerhouses of New York, Washington and San Francisco points to the recognition of additional investment opportunities for foreign investors,” said James A Fetgatter, chief executive of AFIRE.

The survey also revealed a bounceback in interest in Spain, as the Eurozone state recovers from the debt crisis. It was named the second best country for capital appreciation, with 21.1 per cent of votes, with Madrid appearing in the top 10 cities.