If you've noticed a lot of foreign developers gobbling up real estate in the Washington area, you're not alone.
The District was recently named the world's best place for real estate buys by Forbes magazine.
Why D.C. and why now?
The Association of Foreign Investors in Real Estate said the proposed trillion dollars in government spending (i.e. bailout money) means investors are scrambling for commercial and residential real estate in the District. The thinking: the programs will need offices, and the employees will need places to live.
The District is also seen as a safe bet, as the world's financial capitals are feeling the effects of the global economic turmoil.
The analysis from Forbes:
"Commercial and residential real estate often function as different markets, but both need low unemployment and strong job growth to put money in the pockets of consumers and help businesses to succeed. At present, D.C. has the lowest unemployment rate in the country -- 4.1%, compared to the 7.2% national average. With President Obama's stimulus package recommending $1 trillion in new spending, it's unlikely government jobs -- and those they support -- will be leaving the District anytime soon."
The Top 10:
- Washington, D.C.
- London
- New York City
- Tokyo
- Shanghai
- San Francisco
- Los Angeles
- Paris
- Houston
- Singapore
