Wealthy Asian buyers helped global property investment levels reach new heights in 2017, tipping US$1.62 trillion (£1.17 trillion) during the year, says a new industry report.

In particular, Asian investment into Europe doubled, compared with the previous year, and made up more than half of all capital spent. Property investment overall rose by more than 13 per cent.

London and the UK retained their prime position among European investment destinations, with volumes into the country 3.9 per cent ahead of Germany in second position. Brexit uncertainty was overcome by a weaker sterling, the report found.

“Global real estate performed exceptionally well in 2017,” noted the report. “This has provided good momentum going into 2018 and the balance of pricing, supply and demand all point to a further healthy year. Indeed, while stock is hard to find, we are forecasting a small gain in global volumes thanks to more development, an increase in profit taking and more corporate activity.”

The potential for trade wars sparked by US President Trump form the principle threat to the markets, the report concludes, while Chinese overseas investors remain active, despite government efforts to restrain them, especially relating to the country’s ambitious ‘Belt and Road’ plan spanning 65 countries.