Istanbul has ousted London as the top spot for new acquisitions in the ULI/PwC Emerging Trends in Real Estate 2011 report, moving up from 5th place a year ago. It also ranks number one again for development and has moved up from 7th place to number two behind Munich for existing property acquisitions, reflecting a belief the city will be less affected by the economic problems facing the rest of Europe.
While London has moved down a spot for new acquisitions, it has risen three notches to second position for development. John Forbes, Emerging Trends co-author and real estate industry leader EMEA at PricewaterhouseCoopers, said Istanbul features higher in the rankings thanks to views on its economic health.
‘Report interviewees expect London to be a rather average performer, but still feel they can find an asset that they can do something with.’ Forbes noted that, continuing a trend from last year, fewer property professionals were willing to rank a broad range of cities and many didn’t rank any cities at all. ‘There is a sense that investment strategy is less driven by cities than the fundamentals of the individual asset itself.’
Read more about the Emerging Trend report in the February edition of PropertyEU Magazine. Click on the link below to subscribe. | 
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