Tax Change Could Spur Foreign Buyers

NEW YORK CITY-A proposed change in the taxation of foreign investors’ capital gains from real estate could generate even more interest from overseas than the market is already seeing, says real estate advisor Savills US. This occurs as major domestic players have begun competing for deals. With competition for core properties on the rise, 2010 will be remembered as the start of the recovery, says Borja Sierra, executive managing director of New York City-based Savills US. “How else can you explain this ‘who’s who’ roster of investors that are back in the market looking to buy both assets and portfolios on US soil?” Sierra adds that if new legislation is passed to lighten the tax burden on foreign investors buying into the US market, “this should also drive increased demand.”

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