Birmingham, Berlin and Hamburg are at the top of the property market as the capital is overtaken by cities such as Budapest and Istanbul. This is according to Isabelle Fraser, Property Correspondent at The Telegraph.
London has slipped out of the top 10 best cities in Europe for investment prospects in property for the first time since 2012 to 15th place, thanks to high prices and a crunch on yields.
Berlin and Hamburg took the top two positions in the Emerging Trends in Real Estate report by PwC and the Urban Land Institute, while Birmingham came in an impressive sixth.
Birmingham remained in sixth place for the second year running because companies are starting to move business there, such as HSBC, as well as HS2 and its relative cheapness in comparison to London.
One investor said: “I think it is finally proven that Birmingham is attracting employees and employers from London. At several buildings in Birmingham which we own, the tenants have moved people there because it is cheaper.–