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London first in Europe for property investment

Tuesday, 23 October 2007 12:00 AM

London has been identified as the best city in Europe for property investment by an influential survey.

The capital topped the European Regional Economic Growth Index, compiled by LaSalle Investment Management, beating 90 other cities across the continent.

The LaSalle report examines cities across Europe which are expected to see the highest levels of demand among owner-occupiers and investors over the medium term.

"Europe has a group of key cities which are the principal locations investors should focus on. London, Munich and Paris are the stand-out markets of the moment that will offer consistent occupier demand through the business cycle," said Robin Goodchild, head of European research at LaSalle.

Economic growth, overall wealth and the relative attractiveness of the local business market were all considered when comparing the cities.

Across the continent as a whole, large levels of property-based capital investment are still expected and transactions are forecast to remain buoyant, despite the recent credit crunch.

The top five cities were as follows:

  • London
  • Munich
  • Paris
  • Dublin
  • Stockholm

London has kept long-term leader Paris off the top-spot for the second consecutive year.

Its position is largely based on strong GDP growth, high-employment, and the financial sector, which dominates the capital's economy.

The city is also a hub for high-tech business, strong in creative industries and home to three of the UK's for medicine and biosciences.

Finally, the cities much maligned infrastructure is set to be at least partially renovated in preparation for 2012 Olympic Games.

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