Many major global markets have now recovered to pre-recession levels, particularly those cities with commodity-driven economies. Canada’s energy boom has spurred capital value appreciation in Toronto and Vancouver above other North American markets. These cities achieved growth of 1.8 percent and 4.7 percent, respectively, on an annualised basis over the five years to 2011.

Similar to Canadian markets, the resource-driven economies of Sydney, Melbourne, Cape Town and Johannesburg remain relatively untainted by the euro zone contagion, and investor appetite has been growing in these locations.

Concerns over the euro zone crisis also did not slow the wave of foreign capital being invested into London, where values have recovered considerably, rising 6.0 percent in 2011 alone. Returns in other conventional investment locations have been mixed; Tokyo, a victim of struggling fundamentals in many sectors, has lagged other Asian markets. Conversely, Paris achieved annual ca