Houston Real Estate Surges on Foreign Interest
As I’ve noted in prior posts, foreign interest in U.S. real estate has been exceptionally positive for the housing market. While post-recession interest from foreign entities has focused near exclusively on boutique property listings, major finance entities have nevertheless been particularly keen on America’s urban property. Norway’s Sovereign Wealth Fund invested $600 million in commercial property throughout Boston, New York, and Washington, DC, largely out of anticipation of their exceptional value growth potential. Considering that trinity of East Coast cities are nationally recognized as job hubs, it’s likely that Norway’s Sovereign Wealth Fund was staking claim on areas whose job growth outlook would run in tandem with property demand.