London remains top global destination for real estate investment
February 18, 2019 - London
London remains the world’s top destination for commercial property investment, according to a report by Knight Frank released on Wednesday.
The 2019 London Report reveals buyers shrugged off Brexit-related worries to spend £16.2bn on London offices in 2018. This is compared to £14.3bn in Manhattan, £12.1bn in Paris, and £8.4bn in Hong Kong.
While overall investment was down slightly on 2017 (£16.8bn), London still managed to snag the top spot. What’s more, the average deal rose to an all-time high of £81.5m.
Greater China was London’s biggest source of capital, with Chinese buyers accounting for 21% (£3.48bn) of all investment in central London offices last year.
However, the figure has more than halved since 2017, when central London saw a record £7.12bn invested into commercialoffices from Chinese investors.
South Korea increased its investment in central London eightfoldon the previous year, to spend £2.56bn in 2018.
Capital from Asia as a whole accounted for 47% (£7.67bn) of all investment in central London offices during the year.
“London is the most attractive city in the world for long-term investment. It has proved its ability to adapt to meet the demands of the modern global economy, and this is evident in London’s office market,” according toWilliam Beardmore-Gray, head of Central London at Knight Frank.
Read the rest of the story @ Yahoo Finance UK
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