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

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