Boston real estate has caught the attention of some of the world’s wealthiest. Between the city’s proud history, the rich culture, its natural beauty, numerous successful industries–it’s not hard to see why.
Right now Boston is experiencing its biggest boom in residential properties since the 1920’s.
- A look at international buyer transactions in 2014 released by Gibson Sotheby’s shows an assortment of Asian and European countries.
- A survey by the Association of Foreign Investors of Real Estate on its 200 member firms sees the city emerging as one of the top cities in the U.S. for real estate investments in 2016.
Here are some of the top reasons why Boston real estate is a great investment for international buyers:
- Stable economy
Boston is one of the safest cities in the U.S. for real estate investments because its economy is incredibly resilient.
According to an extensive report by Colliers International’s Global Investor Outlook 2016, Boston beat Chicago, Washington D.C., Dallas, and three other metros as one of the top cities for real estate investment. This report cited more than 600 investors (“across the risk spectrum from the Americas, EMEA and Asia-Pacific regions”).
Boston is the largest metropolitan in New England and the State Capital of Massachusetts. This city is one of the leaders in growth and development in the Northeastern United States.
It serves as the cultural and economic anchor of the region.
In the wake of the Great Recession, Boston bounced back quicker than most cities in the U.S. A recent report from the Pew Charitable Trusts found that by 2012, Boston’s revenue had managed to climb back and surpass its pre-recession levels by 103 percent.
- Thriving office market
According to a report by published by Transwestern in April, the Greater Boston Area’s office market closed the second quarter of 2016 with a healthy 12.5% vacancy rate. It also had a positive absorption of 209,000 square-feet.
- Vacancy was pushed down by 3.2 percent thanks to 37,000 sq-ft. of positive absorption in Cambridge.
- At $57.44 per square-foot in the Seaport District, Class A asking lease rates reached their highest recorded levels.
- Route 128 West currently has 1.6 million square feet under construction and has seen 14 quarters of positive absorption–totaling 5 million square-feet.
The city is home to an exceptional talent-driven economy.
Its numerous benefits make it a powerful strategic location for any international company looking to gain a strong foothold in the U.S.
- Future developments
According to Forbes, Boston will have at least five new luxury high-rises in just three years. Residential developments the area is expected to grow even more by then.
The hotly anticipated 60-story ultra luxurious Millennium Towers–now under construction–is already being snatched up by European buyers. Over in Fenway, the stunning Pierce Boston has already sold more than a third of its units since its groundbreaking in late 2015.
Other upcoming projects to look out for include the Pierce Boston, The Hub at Causeway, Washington Village, The Viola, and of course The Four Seasons Hotel and Private Residences One Dalton Street.
The biggest number of foreign buyers are coming in from countries like China, Russia, France, Italy, and more.
Logan International Airport added eight new non-stop domestic and international flights making it more convenient to travelers.
New additions included:
- Beijing, China – 14 hours
- Dubai, UAE – 12 hours
- Istanbul, Turkey – 10 hours
- Liberia, Costa Rica – 6 hours
- Mexico City, Mexico – 5 hours and 20 minutes
- St. Lucia-Vieux Fort, St. Lucia – 4 hours and 30 minutes
- Puerto Plata, Dominican Republic – 4 hours
- Savannah, Georgia – 3 hours