Foreign buyers prop up US market
From TIME magazine:
Foreign buyers are snapping up U.S. real estate at bargain prices.
Dubai investors bought the General Motors Building in New York City for $2.8 billion. The Abu Dhabi Investment Council’s sovereign wealth fund bought a 90 percent stake in the landmark Chrysler Building.
In all, foreigners spent $52.2 billion on U.S. commercial real estate in 2007, double the previous year’s total, according to Real Capital Analytics, a research group based in New York City that tracks property investment.
Source: Foreigners Take Advantage of U.S. Bargains – TIME magazine by way of Realtor.org