Global investment in real estate reached a new record high of $1.62 trillion (£1.17 trillion) in 2017, with Asian money making up more than half of all the capital spent.

London persisted as the most sought-after destination for international cash as any concerns about Brexit were offset by a fall in the value of sterling, a new report from property agency Cushman & Wakefield found.

On an annual basis, the amount of money spent on property across the world increased by almost 13.3pc, with Asian investors in particular increasing their exposure to most markets.

In Europe, money spent by Asian investors almost doubled thanks to a small number of very large transactions related to the Chinese Belt and Road initiative, a new trade route spanning 65 countries.

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While the US remained the main target for international investors from across the globe, its lead has fallen on previous years and regionally, Europe attracted half of all cross-border spending.

Overall investment volumes in the UK were 3.9pc ahead of Germany, where a shortage of stock has frustrated the long queue of buyers looking to invest.

Carlo Barel di Sant’Albano, chief executive of Cushman & Wakefield’s global capital markets division, said global real estate had performed “exceptionally well” in 2017.

“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,” he said.

However, the report also warned that trade wars had the potential to knock the property market off course as investors retrenched in their home markets.

Chinese investment in other countries has already taken a hit in recent months after Beijing clamped down on spending outside of the country, although state-approved projects, such as the Belt and Road plan, are still attracting capital.

Investment into the Middle East hit its lowest level since 2012 amid ongoing political turmoil in the region.