US Congress has approved a bill to relax the curbs imposed on certain foreign investors in the US real estate market. This change could result in billions of dollars being invested in the commercial real estate market in the US.
More specifically, this bill wil assist foreign pension funds that have invested in commercial real estate buildings in the US. In essence, FIRPTA (Foreign Investment in Real Property Tax Act ) will be waived for these foreign pension funds.
It is expected that this change will greatly help foreign investment in the US real estate market. Foreign investors have been acquiring U.S. real estate assets since the global economic meltdown because of the relative yields and perceived safety of assets from office towers and shopping centers to apartments and warehouses. The demand has caused commercial real estate prices to reach record highs.
Read the full articles in Wall Street Journal and Bloomberg.
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