How Cheap Dollars And Cheap Flights Are Bringing Average Joes To A Market Near You.<\/p>\n
By Rana Foroohar
\nNewsweek International<\/p>\n
May 2 issue – Property, like politics, used to be local. After all, what demands more on-the-ground knowledge than buying a home? <\/p>\n
But over the last few years real estate has gone global. Already, there’s a good chance you or someone you know owns a second home abroad. You may even unwittingly own a stake in a Guangzhou office block, via your pension fund. “Over the last five years, both direct and indirect cross-border real-estate investment has been on the rise,” says Tony Horrell, CEO of European capital markets for property-investment firm Jones Lang LaSalle. “By some estimates, half of the world’s wealth is now in real estate.”<\/p>\n