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FINANCIAL NEWS
GCC investments in US real estate hit USD1b
13 Nov 2014
(MENAFN) According to the latest survey by Jones Lang LaSalle, the investments made by the citizens of the Gulf Cooperation Council countries in the Unites States real estate market has reached USD1 billion by the end of the January-September period of this year, an increase by 51 percent compared to the same period last year, Arabian Business reported.
The survey said that the increase in GCC investments in the US is due to the American economic recovery, which has been happening at a consistent and effective pace since 2011, which resulted in attracting the GCC investors, who are normally attracted to invest in London and the rest of Europe, to invest in it instead.
The majority if the property transactions done by the GCC investors have happened in Texas, California, Washington and Massachusetts, with Gulf investors preferring to buy multifamily homes and residential compounds which they can improve before reselling them again.
Meanwhile, Asia remains the most underrepresented in terms of investment from the six GCC states, since the elite of the GCC tend to go either to the U.S or the U.K instead of staying in their own continent.
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