Despite current hardship in foreign economies, a growing number of real estate investors from Europe are eyeing homes all over the United States – especially real estate in New York City, the Wall Street Journal reports.
According to the newspaper, European investors abandoned U.S. markets after the financial market collapse. However, as the country's real estate market starts to reach its bottom, overseas investors are starting to return in droves.
"Now, more than ever, the U.S. is attracting even more EU capital in search of a more safe and secure investment," Jones Lang LaSalle international director Steve Collins told the WSJ.
During the course of 2011, European buyers spent an estimated $1.6 billion in American markets, which is more than double the $700 million spent the previous year.
It's believed homes for sale in New York City are key properties drawing foreign buyers back to U.S. soil due to the city's mature market place and stable home prices. The most recent Standard & Poor's/Case-Shiller Home Prices Index found that property values in the city dipped just 1.2 percent in December from the previous month, while the rest of the country saw prices fall at an average of 3.8 percent.