Biden's Election Day Win Has Revived Foreign Investment Interest In The U.S.

Joe Biden
President-Elect Joe Biden

While the U.S. commercial real estate industry's reaction to Joe Biden's presumed victory in the presidential election has been based on his potential policies, another group is excited just to see President Donald Trump go.

Foreign investors have long been an important source of capital in major coastal markets like New York, Miami and Los Angeles, especially for expensive, luxury projects like New York's Hudson Yards. But in the past couple of years, funding has dried as concern has grown about new restrictions on the EB-5 visa program, coronavirus-related uncertainty and Trump's hostile rhetoric and policies toward immigration.

"[A Biden presidency] would bring back stability from an international standpoint," Time Equities CEO Francis Greenburger told Bisnow.

"Investment activity from other countries in Europe, Asia, South America used to be a big ingredient in what’s going on, and that has dried up," he said. "The current administration not being supportive of immigration is not an invitation to investors to buy into real estate here. So a more open administration could greatly benefit markets dependent on international investment."

Advisory firms focused on connecting foreign investors interested in EB-5 visas with qualified real estate deals have noticed an immediate spike in interest, Axios reports. Interest has been elevated across multiple continents and multiple asset classes, from high-end residences for the children of wealthy families to commercial projects. Even hotels and retail properties have been subject to increased foreign interest in the past week, money managers told Axios.

Perhaps the biggest change in foreign investment behavior could come from majority-Muslim countries, which had been frozen out of or discouraged from many kinds of immigration and cross-border investment since Trump's ban on immigration from seven countries in 2017. Countries like Kenya and Egypt, which don't face the same multiyear backlog of applicants as China and Vietnam, could also become major players in the EB-5 market, Axios reports.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Senior Housing Buyers Are Paying Up, But Sellers Still Need Convincing

Nuveen's C-PACE Fund Secures Over $1B, Its Biggest Raise Yet

AI Cloud Firm Nebius Raises $5.75B In Debt To Fuel Data Center Expansion

Developer Sues JLL For $12M, Claiming It Fudged Numbers On D.C. Project

Aberdeen Goes Global With £700M Merged Fund

Sun Communities Taps Equity Residential Veteran As New CFO

Data Center Deals Propel July CRE Sales Volume To Best Performance Since 2005

Dog Haus Pursues Major Expansion After Tapping Former Jersey Mike's Execs

'Aggressive' Antitrust Settlement Unwinds $100M Zillow, Redfin Deal

From Bankruptcy To $400M Buying Spree: Michael Shah's Rapid Comeback

Trump's New Canadian Tariffs To Spike Additional Materials Costs

Wells Fargo Moves To Foreclose On $1.3B Workspace Property Trust Portfolio