DataInvesting

Chicago should see little impact from foreign investment slowdown

National Association of Realtors recently released a profile of international real estate buyers
  • Foreign investment in real estate has become a growing concern for some economic experts, but impacts may be limited to the coastal states.
  • Foreign investment is down 1.3 percent in 2016 over last year.
  • The majority of foreign buyers hail from China, followed by Canada, Mexico and India.

After Britain voted to leave the European Union, business and economic leaders began to grow a bit frantic. How will the exit impact foreign investment in U.S. real estate following the decision? Likely, it's going to depend on the location. While cities on each coast may see a bit more of an impact, experts believe the Chicago implications will be much smaller. According to a recent report from the Chicago Tribune, Illinois ranks among the top 10 states for foreign real estate buyers, and experts at the National Association of Realtors (NAR) believe the trend will continue. Because the state doesn't have massive pools of buyers like Los Angeles and New York City tend to, the expectation is that trends will continue in the same vein. Another boon for Chicago real estate is that international buyers are typically seeking a permanent home rather than a second home or vacation property. The state of Illinois ranks as the No. 4 most popular for buyers from Mexico and No...