The value of offices in Amsterdam’s Zuidas business district and in the 17th century canal rings has risen more strongly than anywhere else in the world over the past year, the Financieele Dagblad said on Wednesday.

The value of city offices was up 27.4% in the third quarter of this year, compared with the year earlier period, the paper quotes property consultancy JLL as saying. The JLL report has not yet been published.

It is the first time that Amsterdam office price rises have topped other cities. Madrid is second in the ranking with a rise in value of 18.5%, followed by Berlin (15.9%) and Milan (13.9%).

‘There is a lot of capital around and it is finding its way more often to Europe,’ JLL researcher Sven Bertens told the paper. In particular, low interest rates have made property an attractive investment and economic growth has boosted demand.

Until recently, Amsterdam had been regarded as a fairly cheap option in terms of office investments and the actual price of office property is three to four times lower than in London, the paper said.