London knocked off top spot in commercial property rankings
Thursday 1st October 2009London has lost its ranking as best for real estate investment, new research has shown.
The latest European Regional Economic Growth Index (EREGI) by LaSalle Investment Management revealed that Munich is now seen as the European city most attractive to investors.
London dropped to third in the EREGI with the French capital of Paris ranked second.
The capital's high rates of unemployment and weak GDP have both contributed to the city's lower place in the index.
Charles Maudsley, LaSalle Investment Management's co-head of Europe, said: "Notwithstanding its decline in the rankings, London remains a very attractive place for property investment because yields have expanded well beyond fair value, even allowing for the weak demand outlook
"More caution should be exercised outside London and its hinterland. EREGI continues to highlight the wide variation in prospects for the UK's provincial centres and the capital. This disparity in economic strength needs to be reflected in deal underwriting."
Further findings revealed that Dublin dropped from fifth place to 73rd.
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