Foreign investors poised to flood U.S. real estate markets
November 12, 2020 | Jennifer A. Kingson | Axios.com
There’s huge pent-up demand among wealthy foreigners to buy property in New York, Los Angeles, San Francisco and other cities — and some people began calling their money managers as soon as Joe Biden’s victory was announced.
Why it matters: Cities whose economies are withering under the coronavirus may see a fresh jolt of life from the high-end real estate sector in 2021 and beyond, with money from abroad creating new jobs and business opportunities.
Driving the news: It’s been a terrible year for commercial real estate. Foreigners who covet prize properties have been sitting on the sidelines — not only because of the pandemic and travel restrictions, but also because of the Trump administration’s hard line on immigration and foreign ownership of U.S. assets.
