Throughout 2014 investment volumes were always on track to exceed the levels of 2013. European transaction activity in 2014 closed with €209.8 billion of sales. Approximately €66.9 billion in sales, or nearly 32 percent of the annual volume, occurred during the fourth quarter of 2014.

The United Kingdom was the largest investment market. The investment activity was marginally greater in cities outside London.

The United Kingdom, exclud­ing London, closed the year with €34.9 billion in sales, with more than 2,000 properties sold, an increase from the €23.9 bil­lion in sales for 2013.

However, investors are still will­ing to pay top prices for prime real estate in London. During the fourth quarter of 2014, 147 properties in London sold for €10.8 billion, beating the sales of the 652 properties sold outside London, which totalled €10.7 billion. On a yearly basis London did experience a slight fall in volume in 2014 (€33.8 billion) compared to the p