The Best Places in the World to Invest in Real Estate

"AFIRE surveys its 200 members - who collectively hold $700 billion of cross-border real estate - about where they're finding the best opportunities for investment and appreciation. While these investors' primary holdings are in commercial real estate, residential, retail and industrial properties are also considered.

"The opportunities vary from country to country, and at first glance, the U.S. and Britain would seem to be places to avoid investing. Both countries are facing an economic downturn and increasing price inflation.

"Because consumers are paying more for staple goods and have decreasing home equity, the amount they have to spend on discretionary items falls, and, in turn, so does the value of most retail property--making that retail property less attractive an investment."

1. New York, NY

2. London

3. Washington, DC

4. Paris

5. Shanghai

6. Tokyo

7. Singapore

8. Munich, Germany

9. Sydney, Australia

10. Hong Kong