For the first time since the Association of Foreign Investors Real Estate began surveying investors in 1994, four of the five cities selected by the the members were in the United States. 

The top five global cities include Houston, London, New York, San Francisco and Washington D.C.

“The strong endorsement of both San Francisco and Houston by our members in this year’s survey directly reflects the propensity for real estate investment to follow jobs, in this case, technology and energy, which are thought to be among the top drivers of the next economic wave,” said James Fetgatter, chief executive at AFIRE.

He added, “As other economic drivers emerge, it will not be surprising to see investors seek opportunities beyond the traditional New York and Washington, D.C.markets.”

The U.S. is overwhelmingly first ranked in providing opportunities for capital appreciation, receiving 55% of the vote.