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CROSS-BORDER CAPITAL TARGETS MOST LIQUID MARKETS
Global investors looking outside their home regions are matching the wider trend for large liquid markets. In Europe, the UK was the key focus. It was singled out by 56% and 39% of Asia and US investors respectively, followed by France and Germany, with Spain and the Netherlands contending for fourth place. In Asia Pacific, global investors – including 31% of US investors – will look mainly at Australia, with preferences otherwise split mainly between Japan, Singapore and China. Not surprisingly, the US was unanimously the preferred investment destination across the Americas for investors from outside the region, targeted by 40% of Asian investors, 26% of Europe Middle East and Africa (EMEA) investors (ex. UK), and 22% of UK investors.
Global gateway cities remained those most in favor among global investors, with London and New York featuring in the top 10 of investors from most regions. In particular, London was Asian investors’ preferred city globally, and US investors’ second choice behind New York.
RISK AND THE INTERNATIONAL ‘SEARCH FOR YIELD’
The last 12 months have seen the appetite for risk continue to be at elevated levels coupled, somewhat appropriately, with a steady flow of new economic and geopolitical risks. Of all the survey respondents, 59%, up from 54% in last year’s report, indicated they were likely to take on additional risk in the next 12 months, with the same percentage (58%) looking for IRR in excess of 11%. One quarter of respondents were looking for returns in excess of 16%.
Low interest rates worldwide continue to drive the international investor’s ‘search for yield’ across all asset classes. This is leaving financial authorities increasingly worried that the low interest rates are contributing to localized asset bubbles, especially in real estate markets.
SAFE HAVEN CITIES A TARGET FOR NEW MARKET ENTRANTS
Global investors indicated they were likely to take on additional risk in the next 12 months || Brian Ward
COLLIERS INTERNATIONAL 2015 GLOBAL INVESTMENT SENTIMENT REPORT
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