New York beats London as #1 destination for property investment for the first time since 2007.
According to Cushman Wakefield, real estate investments in New York grew 166 percent to $29.7 billion in the last 12 months through August when compared to a year earlier. London, at #2, saw investments increase 2.4 percent to $27.2 billion.
For foreign property investors, London is still the top destination. Foreign buyers account for 50 percent of property transactions. This, to me, is concerning because it demonstrates over reliance on foreign buyers.
After London, other top property destinations for foreigners are Paris, New York, Singapore and Beijing.
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