Here Are the Top 7 US Cities for Middle Eastern Investors
1. New York
When it comes to US real estate, the Chinese aren't the only players in town. Middle Eastern buyers have spent almost $2.63B on these assets in the first half of this year, CBRE research says. This is a huge jump from the $3.34B they spent in 2014. Unsurprisingly, New York saw the most action, with Middle Eastern investors spending a whopping $1.36B this year so far, a solid 19.3% increase over last year.
2. Atlanta
Following the Big Apple, surprisingly, is non-gateway city Atlanta, which delivered $338M in transactions, almost three times as much as last year. The ATL figure beat traditional heavyweights San Francisco and DC.
3. Washington, DC
DC is a winner. Last year, the nation's capital earned $457M in foreign investments, but it's tracking to beat that figure. The first half of this year saw DC outdo the 2014 halfway mark, with $280M spent so far. Should the trend keep up, DC could threaten the $600M mark.
4. South Florida
The warm climate of South Florida was popular with investors last year, and this year is no different, producing $280M in acquisitions so far. (And there's still a full quarter left.) With $230M in buys last year, this marked a strong 21.74% jump. Sunny days in the Sunshine State, indeed.
5. Chicago
Chicago was another hot spot for Middle Eastern investors, producing $192M in investments last year.
6. San Francisco
Gateway city San Fran is a popular among international spenders, attracting $123M from Middle Eastern buyers in 2014 alone. The area continues to perform well, though not at the same rate, falling under $100M for this year. That's still enough to land San Francisco a spot in the Top 10. And the year still isn't over...
7. Houston
A drop in oil prices doesn't keep investors away from Houston, which still makes the top seven US cities for Middle Eastern investors with almost $100M in acquisitions. [NREI]
