Multifamily property remains core for cross-border investing

Despite growing caution toward cross-border property deals, international investors are ramping up their US real estate exposure, especially in multifamily real estate assets, according to a March survey by AFIRE. While 63% of respondents had a negative outlook for cross-border investing in 2025—up from 45% last fall—44% still plan to increase US allocations, nearly doubling from 24% a year earlier. Only 8% expect to cut back. Dallas topped the list of preferred markets, followed by New York, Miami, Boston, and Atlanta. Multifamily remains the dominant asset class for global investors, driven by persistent housing shortages, which 66% see as the top issue over the next five years. Industrial assets followed closely. Uncertainty in global trade and politics has led some investors to adopt a cautious “wait-and-see” approach.