The European property market can be basically divided into two groups: London and everything else. In the fourth quarter of 2013, some €13.5 billion in transactions changed hands in London, according to Real Capital Analytics, which tracks properties and portfolios of $10 million (€7.3 million) and greater. The next closest city was Berlin, at nearly €5.4 billion. Other active markets in the fourth quarter were Paris (€3.1 billion), Munich (€2.2 billion), Frankfurt (€2.0 billion) and Stockholm (€1.9 billion).

The United Kingdom as a whole saw €22.0 billion in activity in the fourth quarter — an 88 percent increase from the €11.7 billion in the fourth quarter of 2012, reports RCA. For the year, some €57.8 billion was invested in UK properties, a 34 percent increase on 2012 volume and well ahead of the €42.4 billion invested in Germany in 2013. (Though the Germa