Philly Real Estate Has Gone Global… like everything else

Philadelphia is now officially on the books as a World Class City. In 2015, Philadelphia became the first World Heritage Site in the US. The population in Philadelphia continues to grow. New chef restaurants featuring international cuisines arrive every month. Philadelphia Magazine reports a record number of tourists visiting last year. The Eagles even won the SuperBowl for the first time in...ever. In addition, we see the number of international real estate transactions increasing with foreign investors from all over the world. (In our Mid-Atlantic region, other areas of interest are those areas around colleges and universities, in particular, Princeton, and areas in North Jersey, for proximity to New York City.) 
Foreigners have always found investing in US real estate attractive. The dollar has been strong, and US real estate is seen as a safe haven for their money, when conditions are shaky in their home countries. We see foreign investors purchasing income producing, luxury resort, and commercial property. Foreign parents, with college students attending in the US, purchase residential properties to be occupied during the college and graduate school years, and then used as rental property. (See on-line article: Gentry, Evan. “Why Foreign Investors Love U.S. Commercial Real Estate, and Why More Will Follow.” Forbes Real Estate Council. Published May 30, 2018. Accessed Sept. 16, 2018.)

 

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