The global property investment market grew to $788 billion in the year to June 2014, with New York hanging on to its title as the top city for investment, a new report shows.

According to Cushman & Wakefield (C&W), global real estate investment volumes rose 17.2 percent in the twelve months to June 2014, as cross-border and domestic investments increased 38.8 and 11.3 percent respectively.

For the fourth consecutive year, New York has claimed the top spot with volumes growing 12.6 percent year-on-year to $55.4 billion, capturing 7 percent of global market share.

But second-placed London is hot on the heels of the Big Apple, with a 40 percent surge in investment activity to $47.2 billion fueled by cross-border investors. The U.K. capital remains “by far” the most favored market among international players, attracting a 14.1 percent share of international capital ahead of Paris -5.5 percent – and New York’s 4.9 percent.