Houston’s real estate market may have been going strong in the past years, but a recent survey revealed less interest from foreign investors, according to the Houston Business Journal.
A new survey by the Association of Foreign Investors in Real Estate saw 95% of its member respondents will keep or make more investments in the country, but that Houston is not in the top five cities.
Houston ranked third in 2015 and 2014; fourth in 2013 and seventh in 2012. It made the global top five in 2013 and placed fourth in 2014, but was unable to keep up in 2015.
This year and the last haven’t been favorable to the Bayou City — the same with Washington DC, which fell out of the top five list for the first time after 25 years.
The Urban Land Institute also found less interest with the city on its “Emerging Trends in Real Estate” report. Houston fell to no. 30 last year after ranking first in 2015 on its “real estate market to watch for” list.
“The Houston real estate market is dealing with a period of uncertainty, with participants waiting to see how the energy industry will recover and how the market will deal with new space supply that was started when the Houston economy was benefiting from high oil prices,” ULI's 2017 report states.
Making the top five this year are New York, Los Angeles, Boston, Seattle and San Francisco.
Morning Briefing: Fannie, Freddie announce foreclosure protection program
NYC remains top foreign investment hub