London loses out to New York for property investors
London has lost its top spot to New York in a ranking of the most attractive destinations for foreign commercial property investors.
San Francisco -another popular tourist destination – snapped up third place in the ranking compiled by the Association of Foreign Investors in Real Estate (AFIRE).
This reflects the United States' position as the most stable and secure country for investment, beating both Germany and the United Kingdom by 55 per cent and 60 per cent respectively.
Thomas Arnold, head of Americas-Real Estate Abu Dhabi Investment Authority and Chairman of AFIRE said:
As it periodically has been in the past, the United States is currently the target of much of the foreign investment in real estate globally.
With a stable and transparent market and an economy that appears to be steadily improving without the fits and starts experienced in other regions, the U.S. has become the first stop for foreign real estate investors.
(Source: Getty)
While the Eurozone struggled throughout 2014, and as the UK economy appeared to slow towards the end of last year, the US economy went from strength to strength.