It was not so long ago when a decision to let a company from Dubai operate the ports of entry to the United States raised such objections that the deal was canceled. Now Dobai and other Muslim countries as well as Europeans are looking to buy some of the most famous buildings in the world, New York City’s Skyscrapers.

First of all, Dubai is not considered to be an enemy of the United States. It is not considered a hot bed of terrorism and there are no travel warnings issued by the Department of State. The same can be said for other countries that are in the market for top US real estate like Kuwait and Qatar. European countries are also taking advantage of the weak dollar and looking for real estate bargains.

There will be a good portion of the citizens who will harbor a fear that some of the countries might be interested for covert reasons. That they will use the properties as a base for terrorist activities. Even though there is no evidence that they are in any way associated with terrorists. Then there are those who believe that no other country should own real estate in the US, outside of their embassies and residences.

The US is not the only country where foreign interests are buying up famous landmarks. Take at look at the most famous department store in London, Harrods. Of course, there is another way to look at the situation. The General Motors Building on 5th Avenue in Manhattan has been sold for $2.8 billion and the three countries mentioned have a piece of the deal. That is $2.8 billion that is now at work in the US and not overseas. $2.8 billion that can be used to create new jobs, start new businesses etc. It is like a two edged sword. We don’t like to see our privately owned landmarks in foreign hands, but the money will boost the economy. Should there be restrictions on foreign investment in the US? Should they be required to hire American citizens as manages of the property? Or are people worrying about nothing ? With the natural ebb and flow of the economy, the day will come when it will not be so advantageous to buy up US property, the tide will turn and once again it will be the US interests looking to buy overseas. I wonder of any of these countries have restrictions relating to foreign investment ? That will be an interesting research project, to be sure.

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