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Dublin ranks in top 10 of European cities favoured by foreign investors

DUBLIN is now one of the top 10 European cities targeted by international property investors, and ranked in the top 25pc of cities globally in a new quality of life survey.

Dublin ranked as the sixth most popular European investment location in a survey of 340 property investors by property consultants CBRE.

CBRE's Marie Hunt said the main demand was for prime investment assets -- such as high-end offices and retail units.

This kind of property is becoming scarce thanks to the new demand, putting a floor on prices.

"I think that 2012 is the year when the market stabilises," she told the Irish Independent.

London topped the poll, followed by Warsaw, which was favoured by 12pc of respondents.

Paris, Munich and Berlin were the next most popular.

It's a turnaround after international investors shunned overpriced Irish property during the boom. International investors are targeting properties worth more than €20m, said Marie Hunt.

She said foreign buyers were either cash buyers or could source loans in their home market for Irish acquisitions.

It meant the "vendor financing" loans that NAMA is offering property investors would be most in demand from Irish domestic buyers, she said.

While sought-after prime property was now relatively scarce, the second-rate property assets that were available were selling, but to domestic buyers, she said.

Prices for the best assets have stabilised even though prices continue to fall for less high-end commercial property.

In a separate report, Dublin was ranked the 24th most reputable city in the world.

Dublin ranked in the top 25pc of cities, based on a number of criteria, including safety, trust and public good feeling.

The inaugural City RepTrak survey places Dublin above New York, Tokyo and Milan in terms of international public perception.

London topped the survey.

The survey was carried out by the New York-based Reputation Institute.

Baghdad and Tehran were ranked bottom of the table in 99th and 100th place.

Corporate Reputations managing director Niamh Boyle said Dublin's performance was something to be proud of -- but there was a lot more work to be done.

"The survey shows that a city's general appeal -- its culture and beauty -- counts for more than its economic advantages in driving reputation.

"Dublin has lots of cultural attractions and is a beautiful city -- we need to communicate this strongly to the international community in order to move up the reputation rankings," she said.

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