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For the super rich, having a residence in nearly every country in the world is a must. Just last year a Russian billionaire purchased a condo in New York City for his daughter, valued at approximately $88M. While this price tag isn’t attainable to the majority, fortunately the vast amount of property available in the United States is.
With confidence in the economy on the rise, and prices remaining low, homes are being snatched up across the country. According to The Wall Street Journal it’s not just the locals making the purchases though; overseas property investment rose from $66B in 2011 to $82.5B by April last year. Simply stated, American real estate can be a smart investment for foreign nationals, they reported. The financial crisis that started in 2007 has resulted in some exceptional bargains, particularly with the dollar sitting so high at the moment.
More than money however, is the benefit of feeling you have a secure investment. This term, used by over a third of overseas buyers, refers to their belief that the United States provides a safe haven for their money. With so many economies being ravaged at the moment, American rule of law and respect for property investment has proven a very strong enticement.