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Oil stacked Sovereign Wealth Funds, Clockwise from top left: Norway, Singapore, CEO of Qatar's Abdullah Bin Mohammed al-Thani, Abu Dhabi
Investors from oil giants are turning away from trophy residential buys to commercial investments as low oil prices have them strapped for cash.
“The vanity plays are nice, but when times are tough, you have to be conservative,” says Stratos Costalas of Oxford Property Group, who serves wealthy Saudi buyers.
High-end condo buyers have trouble making back their investment through rent, unlike investors in commercial and mid-tier multifamily, The Real Deal reports.
Real Capital Analytics data shows foreign buyers spent $87B on US property in 2015, up from under $5B in 2009. That number is set to grow in 2016 as economic turmoil pushes foreign money to the US. [TRD]
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