Some of the top markets for foreign investment in the U.S. took center stage at the giant commercial real estate confab known as MIPIM held this week in Cannes, France.
The National Association of REALTORS® hosted the U.S. Pavilion for the second straight year along with partner associations from Miami and the state of Florida, Illinois, Missouri, Nevada, Arizona, and San Diego. The event, with more than 24,000 attendees, gives these local and regional markets broad exposure to foreign investors—from Brazil to the Baltics—who have converged at MIPIM from nearly 90 countries.
Last year a record $200 billion in U.S. real estate was sold to investors outside the country, according to NAR Research.
Commercial investments alone doubled from 2011 to $91 billion sale last year, reported Real Capital Analytics, an independent research firm. A survey by the industry association AFIRE indicated that 64 percent of foreign investors plan to increase property investments in the U.S. in 2016.
Even with a stronger dollar against other major currencies, the U.S. continues to be seen as a preeminent place for global investors in both residential and commercial sectors . “The participants coming to the Miami booths have been more serious buyers and investors than ever before- for both luxury residential and commercial investment,” says Teresa King Kinney, CEO of the Miami Association of REALTORS®. “There have been REITS, in addition to large family investors and individuals, looking to invest in Miami real estate. The amount of most investment dollars is in the tens of millions and into the billions.”
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The Arizona Association of REALTORS® was thrilled to join the U.S. Pavilion for the first time. “We have networked with business professionals, financiers, and government officials from around the globe. We believe this event will be the start of many profitable long-term relationships that Arizona will benefit from” says attendee Peggy Neely, a Scottsdale broker.
Social media has played a strong role with participants using the Twitter hashtag #MIPIM2016 to share key information about the expertise of their REALTOR® members regarding opportunities in local markets.