AFIRE, the association for international real estate investors in U.S. CRE, has released its annual survey. When asked what political or regulatory trends the greatest impact on cross-border investment trends in the coming year would have, 25% said tax and deregulation, 23% said geopolitics; 20% said trade; and 10%, economics.

Some of the smallest expected factors were interest rates (7%), housing (5%), immigration (5%), and other (5%).

There was a relatively sharp negative reaction to the U.S. elections, as 40% of respondents thought that a Republican sweep of Congress and the White House would be the “most detrimental” to cross-border investment in the U.S. The least detrimental was a Republican Senate, a Democratic House, and a Kamala Harris presidency. The most beneficial to cross-border investment in the U.S. was considered to be a Democratic Senate and House with Harris taking the Oval Office.