The City of London financial district, seen from St Paul's Cathedral, February 25, 2017. (Reuters photo)

Despite economic and political uncertainty, Asian investors continue to invest in the British and United States property markets, according to a new report from the property consultancy JLL.

Hong Kong buyers spent almost US$3 billion on UK properties in the first quarter of 2017, compared to only US$842 million a year earlier, snapping up offices in London's City and West End, outspending global funds and all other foreign groups combined by nearly US$1.3 billion.

"With the sterling depreciation and slight drop in capital values, Asian investors - particularly private buyers from Hong Kong and China - have been the most active in London since last year's Brexit vote," said David Green-Morgan, Head of Research, Global Capital Markets at JLL. "The depreciation and capital values drop means that UK commercial real estate is now discounted by 16% on average to overseas capital since the June 2016 referendum. The net yield of City prime buildings is also very attractive."

According to the report, "Global Capital Flows - Q1 2017", the UK led the way as the most active real estate market in Europe and became the world's most traded city, compared to third place last year.

Asian buyers also continue to seek properties in the US. "In line with recent trends, Asian buyers were among the most active investors in the US, with investors from Singapore, Japan and China driving most activity," said Mr Green-Morgan. "Investors from Singapore and Japan acquired offices in New York, Boston and Washington D.C., as they renewed their focus on core assets in global gateway cities."