The global figure is 30 per cent up from the same period last year, while the Asia-Pacific figure represents a 40-per-cent increase.

Guy Hollis, international director in Jones Lang LaSalle's International Capital Group, said real-estate markets were continuing their strong evolution into a global-asset class, with cross-border investment now representing 44 per cent of total volumes, compared to 34 per cent for the first half of last year.

The real proof of this globalisation is that inter-regional investment - transactions involving either purchasers or vendors from outside the region where the asset is located - now represent 31 per cent of overall volume ($89 billion), up from 24 per cent a year ago, he said.

In relative terms, the globalisation of real-estate investment has had the greatest impact on developing markets. In Central Europe and some Asian and Latin American markets, inter-regional investors are purchasing the majority of available prime quality stock, Hollis said.

Offices account for 48 per cent of total inter-regional purchases (down from 52 per cent in first half of 2005) with $33 billion invested in the sector. Hotel investments have increased significantly to $16 billion (23 per cent of inter-regional purchases, up from 20 per cent in 2005); very large portfolios in the United States and across Europe have been purchased by inter-regional investors.

Longlom Bunnag, chairman of Jones Lang LaSalle in Thailand, who is also the firm's head of investment, said yesterday that in line with the regional perspective, the real-estate investment market in Thailand had been very active this year. A number of major direct investment transactions have been recorded, particularly in the office sector.

Worth some Bt3 billion, the largest transaction in the Bangkok office market this year was the acquisition of Diethelm Towers by the Government Pension Fund.

The firm also expects investment interest in the Bangkok office market to remain healthy as the market offers a promising outlook in the short to medium term, with rental growth likely to continue.

"The coup in Thailand does not seem to have had any significant impact on investors' confidence in the Bangkok office market. We are acting as the sole sale agent for another major office building in Bangkok. Interest in the property has remained very strong, particularly from international funds, which believe that any new government will do its best to ensure the sustainable growth of the Thai economy," said Longlom.

According to the firm's global report, cross-border investment in the Asia-Pacific region accounted for 29 per cent of the total investment in the region (up from 28 per cent a year ago) and inter-regional investment reached 18 per cent of total investment (up from 15 per cent).

Japan accounts for 51 per cent of total Asia-Pacific region transaction activity, with a further 40 per cent taking place in four major markets: Australia (12 per cent), China (11 per cent), Hong Kong (10 per cent) and Singapore (7 per cent). As forecast in Jones Lang LaSalle's report in 2005, Japan and China were the standout performers in the Asia-Pacific region during the first six months. Japan had a particularly impressive half-year with transaction activity almost reaching full-year 2005 levels. Both local and cross-border investors have returned strongly to the market, buoyed by sustained economic growth, low interest rates and an end to property price deflation.

As for China , transactions were double those recorded in the first half of 2005, Hollis said.