Australia is considered one of the most stable countries in the world for real estate investment, a new global survey has found. It came in behind the United States, Germany and Canada in the 26th annual member survey conducted by the Association of Foreign Investors in Real Estate (AFIRE).
- Australia is the fifth-best country for stable and secure real estate investments
- London replaced New York as #1-ranked city for real estate investment
- Sydney tied Shanghai as the #8-ranked city for real estate investment
Australia, which dropped from its fourth-place 2017 ranking, was also overtaken by Britain, with investors less worried than they had been about Brexit’s impact on the economic market. This also led to London replacing New York as the number one city for real estate investment, according to AFIRE chairman Edward Casal.
“A year later, foreign investors are less concerned about the ramifications of Brexit,” Mr Casal said. “At the same time, the London market has been buoyed by several large sales over the last year.
“London has a number of attributes as a location for investment, including a stable rule of law, transparency, and use of the English language. In addition, a favourable time zone for international business, deep labour pool and cultural attributes also help.”
AFIRE members, who are among the largest institutional real estate investors in the world – estimated to have more than $2 trillion in real estate assets under management – ranked New York as the second-best city to invest in.
Los Angeles also made the top five, as did two German cities – a first for the survey – with Berlin coming in third and Frankfurt fifth.
Closer to home, Sydney tied with Shanghai for the title of eighth-best city for real estate investment, down from its seventh-spot ranking in 2017, which it shared with Boston, Madrid and Singapore.
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