Sydney trumps Paris, New York for foreign real estate investment
Sydney is the fourth most attractive real-estate investment destination among global investors ahead of New York and Paris according to a survey by global real estate group CBRE.
London, Tokyo and San Francisco were the top three.
"This ranking is no surprise, with Australia offering some of the highest returns on a global basis across all our core sectors, with returns on secondary assets being even more attractive," CBRE National Director, Capital Markets, Josh Cullen, said. "We are starting to see positive signs in the office sector in a range of Australian CBD markets, which will underpin growth expectations."
More than half the 700 real-estate investors, surveyed by CBRE's Global Investor Intentions Survey 2015, planned on increasing their purchases this year, up from only about a third expressing that interest in 2014.
GLOBAL VISION
Thirty-eight per cent planned to invest outside their own region, focusing mainly on western Europe and Asia. Interest in second-tier cities also increased with Madrid, Dallas and Seattle making the top 10.
"We believe that a low interest rate environment, economic expansion in an increasing number of markets, and corresponding improvement in real estate fundamentals will attract capital to commercial real estate," CBRE Capital Markets' global resident, Chris Ludeman, said.
While global capital flows have flatined over the three years, capital flows into real estate continued to rise.
Capital flows into global real estate increased to just over $1 trillion in 2014, almost four times greater than the $295 billion recorded in 2009.
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