London comes out top for overseas property investors

London is the favourite city for overseas property investors, a study has found. The UK capital even beat last year’s winner, New York.

The survey, released by the Association of Foreign Investors in Real Estate, found that San Francisco was the third favourite city for investors, with Houston and Los Angeles at numbers four and five.  The research comes just a month after Chancellor George Osborne’s introduction of Capital Gains Tax for overseas buyers, due to kick in in April 2015.

2013 was also the year that saw a number of London property deals struck - such as the £260 million sale of the Lloyd’s of London building in Lime Street to Chinese life assurer Ping An and the £1.7 billion acquisition by Kuwait’s St Martin’s Property Group of More London.

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Reuters