New York was announced as the best city in the world for property investors. According to a new report, the Big Apple, managed to attract the most commercial property investors over the last twelve months.
Cushman & Wakefield’s latest annual report “Winning in Growth Cities 2013 – 2014”, said that New York enjoy more than $49 billion in real estate deals over the past one year. It has estimated that this is a massive 39% jump compared to 2012. New York City is also the top place for property investments in the sectors of hospitality and multi-family. This is actually the third consecutive time in which New York City tops the firm’s ranking of best cities for property investors.
All in all, U.S. cities seem to be particularly luring for real estate investors in the present economic conditions. Out of the 10 top entries, six are cities located in the States. They include Los Angeles (3), San Francisco (5), Washington DC (6), Houston (9) and Chicago (10). Among them, Los Angeles was the one that registered the fastest growth. As a result, this year it occupies the third spot. The report announced the City of Angels as the best city for industrial investment.
Second on the ranking is London. UK’s capital saw a 6% rise in the volume of investments over the last year. Currently, the amount of money invested in property in London in 2013 is estimated at about $32.3 billion. The city is also the biggest office market.
Asia also has a few representative on the list. Over the past twelve months, the continent was the biggest source of cross-border capital. The non-domestic property investments there reached the astonishing $55.4 billion. In addition, Hong Kong was the best city for retail investments.
However, while some entries managed to improve their performance, other witnesses a decline. Among them was Chicago and Paris, the latter of which registered the biggest drop this year and landed on the 8th spot.
According to the report, the most popular type of investment in the cities on the ranking had to do with office projects. Despite that the market share in this sector fell with about 3%, hitting 45%.
Here is the complete list of the 2013-2014 top cities in the world for property investors:
- New York
- Los Angeles
- San Francisco
- Washington DC
- Hong Kong
The report explains that all of these cities enjoy a popularity in more than one sector. Also, it said that the market share of the world’s 25 top cities for property investors increased from 53% to 55% over the last twelve months.