While uncertainty looms about the US property market, one area is proving popular with overseas investors- Memphis.
Best known for its association with Elvis Presley, the city has seen a surge in interest from foreign buyers according to several Memphis property websites including Memphis Investment Properties and Memphis Invest.com. Both companies have reported around a 20% increase in buyers from overseas in recent months.
The increase in interest from overseas initially caught the companies by surprise. “Many of the foreign investors coming to America had been sticking to destination cities like Miami or Las Vegas that typically have a lot of tourism options" said Kent Clothier, the founder of MemphisInvest.com "but we have started getting requests for more information on our company from Canada, New Zealand, the United Kingdom and occasional inquiries from Australia and we were really puzzled as to why they had an interest in Memphis real estate," he added.
The company has concluded that the city's track record supporting businesses was a major reason for the surge in interest.
“What the investors really liked was the aggressive attitude of the government to make Memphis a welcoming city to foreign companies,” he said. “They felt for their personal investment that was important."
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