Sydney seventh best city for commercial property investment: Survey
Sydney has ranked as the seventh most attractive city for offshore investors to buy commercial real estate, according to a survey carried out by the US-based Association of Foreign Investors in Real Estate (AFIRE).
Australia’s biggest city ranked above Asian rivals Hong Kong, Shanghai and Singapore and just behind Paris and San Francisco in the annual survey, which is based on votes cast by the 200 investment groups that comprise AFIRE membership (from 21 countries).
Click to enlarge
Globally, New York remains the top city for foreign investors to buy real estate, with London second and Washington DC third.
The biggest jump was Sao Paulo, Brazil, which improved from 26th place to fourth in the space of a year.
Australia’s global property credentials were also reinforced in the survey, with the country ranking as the fourth best for capital appreciation and also fourth in the rankings of the best places to buy a stable and secure investment.
The survey also reveals the diminishing appeal of UK real estate for offshore buyers and the growing attractiveness of Brazil (in line with the performance of its largest city, Sao Paolo) as a place for capital appreciation.
Click to enlarge
China ranked as the second best emerging market behind Brazil followed by Turkey, India and Vietnam.
“Cross-border investors still regard North America and Europe as being the most stable and secure markets,” says Barbara Knoflach, chief executive of SEB Asset Management and AFIRE’s newly elected chairwoman.
“But with foreign investors having a diminished confidence in the recovery, interest is broadening and emerging markets are attracting more notice.”