According to a report from luxury listing site PropGoLuxury.com, San Francisco is the place to buy for savvy Chinese investors. The site surveyed millions of search queries by Chinese buyers during the first quarter of this year and found that San Francisco beat out London, Tuscany, New York and Paris for real estate investment interest.

Buyers are motivated by the fact that even given San Francisco’s relatively inflated housing prices, the homes are a steal here compared to Asia and Europe’s major metropoli. “For many well-heeled Chinese buyers, the entire U.S. housing market, and even the somewhat pricey S.F. Bay Area remains a bargain versus Hong Kong, New York, London and Beijing,” Marc Mark McLaughlin, CEO of Pacific Union International, told SF Gate. “Bay Area real estate represents an attractive opportunity for investment or purchasing second homes for themselves or primary residences for family members.”