Shanghai was the top real estate investment destination in Asia-Pacific in the fourth quarter of last year and ranked No. 5 globally, according to international real estate service provider JLL.
Several high-profile real estate transactions, including ARA Asset Management's US$2.91 billion investment in the Century Link complex in October, the biggest single-asset property transaction in Asia-Pacific last year, propelled the city to rank so highly.
"With political upheavals such as Brexit and the surprising US election result, an increasing number of investors are looking at opportunities in Asia-Pacific and specifically China," said Joe Zhou, head of research at JLL China.
"Domestic capital was the main driver of real estate transactions in 2016 and we believe China, particularly first-tier cities, will remain attractive to foreign investors as the market matures."
New York, London, Los Angeles and Paris were last year's top-four cities for real estate investment worldwide.
Other notable real estate transactions in Shanghai last year included China Vanke Co's purchase of the SCPG Holdings Properties portfolio from Blackstone Group for US$1.9 billion and Chongbang Development's buyback of an 80 percent equity stake in Shanghai's Jinqiao Life Hub for $825 million.
In Asia-Pacific, real estate transactions rose 5 percent last year and jumped 21 percent year on year in the fourth quarter of 2016, JLL's data showed.
JLL said the regional outlook for real estate investment remains positive this year.
