U.S. real estate attracts foreign money because cap rates hit around 6%, far higher than Europe and Japan's negative rates. International investors often chase famous cities and buy properties as status symbols rather than understanding secondary markets.
From the buyer perspective, I mentioned, I think, in our pre-conversation that we have a lot of international buyers. I think it's not unique to our company, but there's quite a lot, I mean, from outside of America because the real estate in U.S. attracts a lot of foreign capital because of the numbers. You would think that 6%, whatever percent cap rate is, is bad. Go to Europe or Japan and you will see negative cap rates. So it's like amazing, right? The thing is, a lot of them are not educated about various secondary markets. They know the branded names, you know, of the cities, and eventually they have like a Saturday dinner, Sunday dinner with their friends, and like, I own a property in Las Vegas.
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