According to one estate agent in Memphis, Tennessee, the city has seen a raft of overseas property buyers looking for cheaper investment opportunities, and the company feels this is down to the government's willingness to help foreign businesses. The government of Memphis and its civic leaders has been working over the last couple of years to improve the image of Memphis, emphasising that it is a world class city. It looks as if their efforts have been paying off, and a number of foreign-based companies have recently announced their intention to relocate facilities to Memphis.
Memphis is increasing its appeal to investors from Canada, Europe, Asia and Australasia, and the local estate agency admits it was caught unawares by the increased interest, as the majority of foreign investors tend to stick to known tourist destinations such as Florida or Las Vegas. It looks as if it is attracting investors who are looking for a lower cost investment which will produce positive cash flow and long-term stability, and the fact that Memphis is becoming well known as a business city, also helps considerably.
Now estate agents in the city are hoping to adapt to the new needs of international investors, and are learning to cope with different time zones and different cultural, legal and language barriers. At the moment foreign investors make up around 7% of all US home sales, so it is an important part of the market. However this particular Memphis estate agent believes that foreign investors will account for 20% of all sales during the fourth quarter of 2011 into the first quarter of 2012, and has plans to increase this percentage next year.
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