The Real Deal Miami

Turmoil in the Middle East could boost U.S. real estate investment

April 08, 2011 01:41PM

The Middle East turmoil could send real estate investors flocking elsewhere — especially the United States. “The latest turmoil in the Gulf has resulted in a sudden lull that is expected to turn into a flight to safety,” New York real estate attorney Edward Mermelstein told Gulf News. “The U.S. will — of course — be a beneficiary of the diversification which is expected to be flowing from this region.” Adding fuel to the fire is the weak U.S. dollar, which is expected to grow stronger in the coming months as the Federal Reserve raises interest rates, Mermelstein said. New York, Miami, San Francisco and Washington, D.C. are already seeing an uptick in foreign interest. According to Mermelstein: “the international sovereign funds have been very active in the last six months.” [Gulf News]