Central London is the best place in Europe for new property investments after prices fell the most in two decades, a survey compiled by PricewaterhouseCoopers showed.

The pound’s weakness and the scale of the price declines allowed London to beat Munich, last year’s top-placed city, Hamburg and Paris. Another 23 urban centers were judged by real- estate professionals surveyed by the accounting firm and the Urban Land Institute.

Prices of offices in central London fell 50% in the two years through July, more than most other European cities. The U.K. capital has also become more attractive to overseas investors because of the pound’s 25% depreciation against a trade-weighted basket of currencies during that time. Office property values rose 4.4% in the last four months of 2009, according to Investment Property Databank Ltd.