Investors, their pockets bulging with foreign capital, will set down in Manhattan this September to eye local real estate investment opportunities, rub shoulders, and draw American investment overseas.
Cityscape — the firm that put on a popular Dubai convention last year — will host the the Cityscape USA exhibition on Sept. 10 and 11 at the Jacob Javits Center.
The firm’s press release is refreshingly blunt about the economic context in which the convention will occur:
Due to the current US subprime mortgage crisis, Cityscape USA is timely on several levels. The subprime situation coupled with the ongoing liquidity and credit crisis has resulted in US investors looking to gain exposure to other real estate markets around the world. Cross-border property investors originated from 50 countries in 2007 and US-based buyers were the most active making over $70 billion of international property acquisitions.
The current situation in the US is also making it more appealing to emerging market investors to invest in the US. According to the 2008 annual survey of the Association of Foreign Investors in Real Estate (AFIRE), the US was deemed the “most stable and secure” country for real estate investment and the country with the best opportunity for appreciation (followed by the emerging markets of China, India, Russia, and Mexico). Cityscape USA will provide the opportunity for both sides of the equations to come together in a way that would not otherwise be possible.
The star attraction of the event will be Nakheel, the government-backed firm building a controversial palm-shaped archipelago of islands off of Dubai (the World Wildlife Federation says the artifical islands probably aren’t so good for the local marine environment).
At the 2007 Dubai convention, more than 50,000 people from 137 countries attended. Cityscape said that the convention resulted in U.S. buyers making over $70 billion of international property acquisitions.
For more information on the convention, visit www.cityscape-usa.com.