If you’re looking for the best place to live, work and invest on the planet, turn your eyes to the UK capital. London has been declared the best city in the world for 2023 by real estate and tourism consultancy, Resonance.
Having been measured against 100 other destinations across the globe, London placed first for the seventh year running. Close to follow was Paris in second place, and New York in third.
The best place to live & visit
From food, culture and history to adventure and natural beauty, London has it all. The city has long been featured in travel and tourism publications, but most recently, it topped the New York Times list of 52 Places to Go in 2023.
A low pound is attracting international tourists to London. Visitors, particularly from the U.S., can get a lot more for their money in the UK today, and they’re determined to make the most of it.
This historic yet forward-thinking capital is an incredible place to visit, but sometimes a week-long trip simply isn’t enough. People are falling in love with London, and many are either taking up residence in the city or purchasing a second home to allow for longer stays.
A global investment capital
For decades London has attracted very high levels of foreign investment, and London property remains one of the most sought-after assets in the world.
Lettings and estate agents Benham and Reeves revealed that £90.7bn worth of property in England and Wales was owned by foreigners as of last summer. The capital had the highest value of foreign-owned property, equating to a whopping £45.3bn.
In recent years, the strength of the dollar combined with a languishing pound has left Americans jumping at the chance to secure themselves a UK property deal. Half of all homes purchased in Prime Central London with a value over £15m were bought by American buyers in 2022, according to Beauchamp Estates. This means that an estimated £620m worth of luxury London property was purchased by U.S. investors last year.
Despite the now strengthening value of the pound, Beauchamp Estates believes that American buyers will continue to dominate the £15m+ market in 2022.
And it isn’t just the property market that is attracting foreign investment. The capital has pulled in the most foreign direct investments into the tech industry since 2018, ahead of New York, Singapore, and Dubai. As London’s tech scene storms ahead, a growing number of people and businesses are flowing into the capital.
With this, 2023 is shaping up to be a bright year for London in terms of real estate, tourism and the wider economy. International tourists and investors are flooding in, hungry for a slice of the Best City on the Planet. And frankly, who can blame them?
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