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The top 9 cities in the world for rich foreign property buyers

The top 9 cities in the world for rich foreign property buyers

Global estate agent and property consultancy Knight Frank on Thursday released its annual “Global Cities” report, looking at the state of the property market in top cities around the world.

As part of the comprehensive report, Knight Frank pulled data on the 9 cities that have attracted the most foreign investment in property in the year to June 2016.

$320 billion (£241.9 billion) was poured into property around the world during this period, five times more than was invested in 2009. Knight Frank says: “Negative interest rates, volatile currencies, and portfolio diversification mean that this upwards trend will continue.”

Check out the key destinations for all that cash below, with the total spent by foreign buyers and investors given for each:

9. Singapore: $4.4 billion (£3.3 billion)

9. Singapore: $4.4 billion (£3.3 billion)

8. Berlin: $5.4 billion (£4 billion)

8. Berlin: $5.4 billion (£4 billion)

7. Madrid: $5.6 billion (£4.2 billion)

7. Madrid: $5.6 billion (£4.2 billion)

6. Los Angeles: $6.2 billion (£4.6 billion)

6. Los Angeles: $6.2 billion (£4.6 billion)

5. Shanghai: $6.9 billion (£5.2 billion)

5. Shanghai: $6.9 billion (£5.2 billion)

4. Sydney: $7 billion (£5.3 billion)

4. Sydney: $7 billion (£5.3 billion)

3. Paris: $7.4 billion (£5.6 billion)

3. Paris: $7.4 billion (£5.6 billion)

2. London: $25 billion (£18.8 billion)

2. London: $25 billion (£18.8 billion)

1. New York (particularly the borough of Manhattan): $26.5 billion (£20 billion)

1. New York (particularly the borough of Manhattan): $26.5 billion (£20 billion)

Source: http://uk.businessinsider.com/knight-frank-ranking-cities-with-the-most-foreign-property-investment-2016-9/#1-new-york-particularly-the-borough-of-manhattan-265-billion-20-billion-9

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