London attracted almost half of the EUR 24 bn placed in European real estate by investors from outside Europe over the past 18 months, according to new research from real estate adviser CBRE.

Some EUR 9.4 bn was invested in the UK capital during 2010 and the first half of 2011 from real estate firms based in North America, Asia, Australia and the Middle East. This represents 39% of the total sum invested in European real estate from outside the continent during this period.

The UK capital was almost five times more popular than Paris, its nearest rival for overseas investment. The French capital took EUR 1.9 bn in investment over the same period, representing 8% of all capital invested.

The next three cities with the largest amounts of non-European property investment were Berlin, Moscow and Frankfurt, each accounting for approximately 3% of the total.

CBRE notes that London's global appeal has increased in recent years due to its status as a global financial centre, the size and depth of its investment market and the advantages offered to investors by its lease structures.

North American investors accounted for 55% of the total non-European investment into European real estate over 2010 and the first half of 2011. The survey also noted an increased investment in European real estate from sovereign wealth funds and pension funds.