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London loses top spot as best for investment

Friday, 4 November 2011 11:37 AM

Moscow has overtaken London as the best European city for real estate investment, according to a new study.

London slipped to second in the latest European Regional Economic Growth Index compiled by LaSalle Investment Management. This is most likely due to a reversal of last year's economic and employment growth, coupled with increasing global financial concerns.

Moscow took top spot from second last year thanks to its growth potential. However, London is still seen as a dynamic economy and outscored the Russian capital on its wealth and business environment.

Munich took third place, followed by Paris and Istanbul. Luxembourg, Stockholm, Oslo, Copenhagen and Stuttgart made up the rest of the top 10 with cities in indebted Southern Europe lagging behind.

London was the only UK city ranked in the top 20 although Edinburgh (29th), Manchester (35th) both gained ground.

Simon Marrison, European CEO of LaSalle Investment Management, said: "Despite losing its top spot, London is a mature, dynamic and resilient economy which continues to set the pace for the rest of Western Europe.

"The 2012 Olympic Games will provide a welcome boost through job opportunities, local regeneration and by aiding the hospitality industry."

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