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Business

New York nabs world property crown from London

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Opening sequence

Business

New York nabs world property crown from London

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COMING UP:New York nabs world property crown from London

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00:00:00
>> London has lost its title as the top destination for foreign investment in commercial real estate. New York nabbing the crown as Brexit worries took a toll on the UK Capital. Overseas investment in London property down by almost a half in the first six months of the year.
00:00:16
It fell to $6.9 billion from over $12 billion last year. Meanwhile, investment in New York was just over $10 billion. That's according to data from Brokerage Jones Lang LaSalle. It says investors were put off London by mounting unease ahead of the referendum. Now it's too soon to say what the impact of the shock Brexit vote will be but the initial signs are negative.
00:00:38
Norway's Sovereign Wealth Fund is one of the biggest investors in Britain. Earlier this week, it said it had cut the value of its London property holdings by 5%.