Canada’s loss could provide some additional gains for US cities in tapping Middle East investor interest. It was last year that Vancouver imposed a 15 per cent tax on foreign property investors.
This could have “UAE investors choosing to invest in the US instead”, says a new summary from IP Global, the consultancy.
As such, 20 per cent of UAE residents are considering purchasing property in the US, the survey finds, which could mean gains for cities such as Seattle, one of the fastest growing cities in the country.
The other Middle East investor favourite, London, remains firmly in contention. But “in 2017, we witnessed a behaviour shift as many investors are flocking to buy more affordable property in northern cities like Manchester, Liverpool and Leeds, which offer high rental yields and rising house prices,” said Richard Bradstock, Director and Head of the Middle East at IP Global.
“Internationally, with the launch of start-ups and technology hubs, central European cities like Berlin, Frankfurt and Lisbon have become attractive investment destinations due to their resulting strong capital growth and sound economic performance.”