LONDON-A return to investor confidence in Europe and the US are seen in the recent doubling of cross-border capital flow, according to Jones Lang LaSalle researchers. Cross-border investment went from $23.6 billion in the first half of 2009 to $56.8 billion in the first half of 2010, according to a company report.

Total global commercial real estate investment was at $132 billion for the first half of 2010, compared to $76 billion in the first six months of 2009. With the premise that investors distributing funds across continents is an indicator of global confidence, the fact that cross-border activity is back up to 43% is a good sign, says Steve Collins, managing director at JLL.

“I think there’s a little more comfort out there. There’s a lot of capital chasing deals, more free access to debt, when 12-18 months ago the debt just wasn’t there,” he tells GlobeSt.com.

London property has been a favorite target for foreign investment, with more than $7 billion spent this year from cross-border investment. “The return to pre-crisis levels of cross-border investment has also signaled increased activity from Asian buyers in major international markets, including the commercial and residential sectors in London,” said Alistair Meadows, director of the Asia Pacific group for JLL.

Also, while Germany has topped the US as the second-most popular destination for foreign capital, the states are still a popular property bet, said Collins, though the flight to quality remains with core markets such as New York City and Washington, DC. Even US investors would rather invest here. “There’s so many opportunities at home for distressed debt,” Collins says.

He says he believes cross-border investment will continue to go up, hitting 50% in the next 12 months. Full-year volume is expected to hit between $275 billion to $300 billion, much higher than 2009’s $209 billion total, said JLL researchers.