Foreign investors bought record levels of U.S. properties in 2015, but that robust spending has slowed in recent quarters as inflated real estate prices, a strong dollar and political uncertainty cause both foreign and domestic buyers to take pause.

Deal volume for top assets in most major U.S. cities is down, and purchases made by foreign investors have slowed more than those made by U.S. investors, Scotsman Guide reports.

Within the fiscal year ending March 31, foreign investment in U.S. commercial real estate was down 33% from its 2015 peak, Real Capital Analytics reports, totaling $66.7B. During the same period investment by U.S. investors was down 8% compared to 2015 levels. Among the biggest buyers during the 2015 peak were China's Anbang Insurance Group, which acquired New York's iconic Waldorf Astoria, and Canada's Brookfield Asset Management.

While a strong dollar has made it more expensive for foreigners to buy U.S. properties, Scotsman Guide said most analysts believe the retreat is due to high prices. Experts are quick to point out, however, that current investment levels still remain elevated when compared to historic trends, according to Real Capital Analytics.