London scored 74.2 out of 100, while other cities in Savills’ top five included Paris (72.7), Berlin (63.1), Stockholm (57.9) and Frankfurt (56.5).

The scores were based on metrics including the Covid-19 Government Response Stringency Index from the University of Oxford; retail and tourism GVA; growth forecast; five-year investment volumes; five-year average share of office / multifamily / cross-border investment; post-GFC investment volumes and recovery.

Despite investment activity in Q1 being resilient, Savills expects investment volume to fall by approximately 40% compared to the same period last year.

Savills said it expected overall European investment volumes will end the year at between €170bn (-34% year on year) and €125bn (-54% year on year).

Head of European research at Savills, Mat Oakley said: “Uncertainty will constrain investors activity to the prime segment, with a focus on core and liquid locations. Unsurprisingly, cross border investment activity dropped significantly over the course of the second quarter and is likely to remain subdued until the reopening of the borders and flights. Some foreign capital will continue to hit the European property investment ground through international funds with a good network of European offices or fund managers. Cities such as London with already established cross-border networks are in a better position to tackle these challenges, as are cities with a buoyant domestic investor appetite which London also benefits from.”

Stephen Down, head of Central London investment at Savills, added: “The office sector concentrates the largest investable existing stock for institutional investors and as a result liquid office markets will continue to capture strong investors interest. London boasts one of the most constricted office markets in the world and therefore continues to be valued as a relative safe haven to invest.”