London closes in on NYC property investment levels

UK capital is a favorite market for international investors

From left: New York City and London
From left: New York City and London

New York is the top market for real estate investment for the fourth year in a row – but London is closing the gap with Gotham as foreign investors pile in.

Global property investment grew 17.2 percent to $788 billion in the year through June, according to a new Cushman & Wakefield report cited by CNBC. Real property investment in New York accounted for $55.4 billion – or 7 percent – of the total during that period.

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However, when it comes to cross-border investments in property, London is top dog, bringing in 14.1 percent of international capital, CNBC reported. New York attracted just 4.9 percent of foreign investment.

Overseas money largely accounts for the 40 percent rise in total foreign and domestic investment in London real estate to $47.2 billion. [CNBC]Tom DiChristopher