Middle Eastern real estate investors are becoming increasingly prevalent in the US property market, it has been claimed. In total, there has been a 140 per cent jump in the amount of real estate purchased by Middle Eastern investors this year compared to last.
Data from the National Association of Realtors shows that the total spend by investors from the Middle East and Africa rose from USD1.1 billion in 2008-09, to USD2.64 billion in 2009-2010.
According to Omer Ghani, chief executive officer of Aquila Properties, lower prices in the country have created a number of opportunities which investors from the Middle East are now taking advantage of.
"With the global financial crisis severely impacting the housing market in the US, re-adjusted pricing has put real estate investing within the reach of small and medium investors, which is now driving the growing interest from the region," he confirmed.
Recent figures from Jones Lang LaSalle show that transaction levels up by 12 per cent quarter-on-quarter in the Americas market. In particular, the US and Brazil posted the strongest growth over the period.