AUSTIN RANKS #11 FOR FOREIGN REAL ESTATE INVESTORS

Posted on January 27, 2009. Filed under: -- Austin Related, -- Real Estate Guide For Today's Market | Tags: , |


By Molly Greaves

austonian

Sunday through Sunday construction is taking place all around the streets of Austin. Locals love it here as do non-locals, including real estate investors.  Investors from all over the globe are buying our real estate. Some of these folks are calling Austin their home, while others are buying up our real estate purely for investment, and may never even come to Austin if you can imagine that.

So many people are now buying in Austin for investment, that  Austin ranked 11th for  top cities for U.S. and global investment in 2009 according to the report from the Association of Foreign Investors in Real Estate.

Washington D.C. clinched the No. 1 spot on the ranking. New York is next, followed by San Francisco, Los Angeles and Houston for the top five. Austin’s 11th place standing tied it with Las Vegas, Phoenix, Orlando, Atlanta, San Diego and San Jose, Calif.

Survey respondents said the multifamily sector was the preferred property type for investment dollars, followed by office, industrial, retail and hotel properties. In the two previous years, office investment ranked first, but employment instability likely contributed to the flip-flop.

Click here to read the full article from the Austin Business Journal

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