Foreign investment in housing has nearly doubled over the last year, with most approvals centred on new units and apartments in inner Melbourne and Sydney.

Foreign investment spiked to a record $24.9 billion in the nine months to March 2014 – an annualised financial year figure of $33.2 billion, according to a research paper by UBS Securities.

City apartments in Sydney and Melbourne are attracting plenty of foreign buyers. Credit:Jessica Shapiro

The figure for 2012-13 was just $17.2 billion, noted UBS. ‘‘This is up a booming 93 per cent year-on-year.’’

The figures represent investment approved by the Foreign Investment Review Board.