Atlanta Real Estate Market Attracts New Foreign Interest
Atlanta is catching the attention of investors in the Middle East.
Two investment firms in Bahrain announced this week they're buying apartment complexes in the metro area.
Jim Costello tracks real estate trends with Real Capital Analytics, and he said in the past cities like Atlanta haven’t been on the radar of real estate buyers abroad.
"Domestic investors certainly understand the economic arguments for Atlanta. They’ve visited the city. They've been stuck in the airport there. Foreign investors have typically only looked at the six major markets in the United States,” Costello said, meaning New York, San Francisco, D.C., Los Angeles, Boston and Chicago.
That, however, is changing, Costello said, as foreign investors see the potential in other cities -- especially a business hub like Atlanta. He said it also helps Atlanta to have foreign companies operating here, like German-owned Siemens.
The firms from Bahrain, Venture Capital Bank and Seera Investment Bank, say they chose metro Atlanta because of its "robust" economy.
The complexes they purchased, including 866 units total, are located in Duluth and McDonough.