Middle East leads way in US investment

LANDMARK DEAL: The Chrysler Building in New York. (Getty Images)

Research has shown the Middle East is now the leading foreign property investor in the US as buyers in the region take advantage of the North American housing slump.

Multi-million dollar investments from buyers in the Middle East have seen the region overtake more developed countries to become the largest foreign investor in the US property market, The National reported on Thursday.

Abu Dhabi Investment Council’s 90 percent purchase of Manhattan’s Chrysler Building for US $800 million and Istithmar’s $750 million purchase of the Fontainebleau Hilton on Miami Beach are two of the biggest recent deals.

Middle Eastern buyers have already made at least $2 billion in US property purchases so far this year, putting the region ahead of foreign buyers from Australia and Europe, according to the latest data from the US consultancy, Real Capital Analytics (RCA) in New York.

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