Arab investors to spend $15b on US, European real estate
Arab investors are expected to spend some $15 billion in real estate investments in Europe and the United States this year according to industry reports.
With a growing amount of disposable income to spend as a result of growing oil revenues, the forecasted investments are expected to be record breaking, reported Reuters.
"Oil revenue, the recycling of petrodollars, is clearly having an effect," said the chief executive of Jones Lang LaSalle's Capital Markets group, Tony Horrell.
Real estate investment in places including New York City and London by Gulf Arab governments and financial institutions may jump by more than 50 per cent. Such a trend may in turn push prices of hotels and offices in such locations upwards.
Last year, real estate investment by Gulf investors stood at some $9.9 billion.