Why did the capital drop off the list?
London property owners, wipe that smug smile right off your face as the capital is no longer among the top 10 European cities to invest in property.
To add insult to injury, Birmingham (at sixth place) beat the capital which came in 15th on PwC and the Urban Land Institute’s latest real estate report.
The research – which included interviews from more than 500 developers, investors and property managers a – found that Berlin is the best place in Europe for property investments.
The city’s status as a hub for creative and tech industries is what won it the top spot.
Gareth Lewis, the director of real estate at PwC, said: “London is the largest real estate market in Europe.
“Money tends to plough into it during the harder times, as people are looking for a safe bet, somewhere to keep their money, and as prices go up and yields compress, people looking for better rewards will look to secondary cities.
“And that’s when you see cities like London slide out of the top 10. It’s not a long-term damning of the London market by any stretch of the imagination. It’s just a reflection of where we are in the cycle.”
Take a look at the top European cities with the best investment prospects