Big Apple accounts for almost 10 percent of $407 billion spent in http://newlaunch.propertynewssingapore.com/sims-urban-oasis-d14/ of the year thanks to a flurry of deals in the Americas and New York City, according to a new report by CBRE.
New York City was by far the biggest market, attracting $40.1 billion in investment over the first two quarters. Thats 10 percent of the global total of $407 billion a staggering share for a city, accounting for 1.8 percent of the worlds economic output. London ($19.4 billion) and Los Angeles ($19.3 billion), the next biggest markets, each recorded less than half of New Yorks investment volume (see chart above).
Major Manhattan deals that closed in the first half of the year include the $2 billion sale of the Waldorf Astoria Hotel to Chinese insurer Anbang and the $2.2 billion sale of office building 3 Bryant Park to Ivanhoe Cambridge and Callahan Capital Partners.
The $407 billion global total marks a 14 percent increase over the previous year. Real estate investment in the Americas grew by 31 percent, while investment in Europe, the Middle East Africa grew by a mere 5 percent. Asia saw an 18-percent decline amid a slowdown in the Chinese housing market.
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Among countries, the U.S. dominated with total investment of $222.4 billion, followed by Britain with $54.6 billion and Germany with $24.0 billion.
The influence of global capital is growing to the point that these investors are becoming the market-maker in setting the price in the most desired and liquid markets across the globe, said http://www.ziprealty.com/ Chris Ludeman, global president of capital markets at CBRE.
