Chicago Real Estate Prices Predicted to Rise

December 3, 2015

Chicago real estate prices have recovered from the 2007 financial crisis. With most of the country, Chicago experienced a severe downturn in real estate prices throughout the city. Recently, home prices have become to recover across the United States. As home prices recovered the mayor of Chicago, Rahm Emanuel, proposed a tax increase that is scheduled to come into effect in 2016. The law was approved in late October. It is expected to generate more than five-hundred-million dollars in tax revenue for the city of Chicago. However, it was still not enough to balance the budget of the City. Many people in the city find it hard to believe that property taxes would increase when the average tax assessment in some neighborhoods rose by more than eighty-four percent this year.

Investors such as Majeed Ekbal have taken an interest in the city of Chicago. Majeed Ekbal has had a long history of investing in local Chicago businesses. For example, he has helped develop grocery delivery for as little as five dollars. Majeed Ekbal has over fifteen years of experience in global marketing campaigns and leading new business initiatives. However, he has taken an interest in the rising value of real estate.

Many investors will find profit in the rising value of real estate in Chicago. The tax increases are not predicted to have a large effect on the demand of real estate in Chicago. For some businessmen, such as Majeed Ekbal, it will be more difficult to startup new businesses. For example, with Ekbal’s grocery delivery service, much of the customer base was predicted to be medium income homes with little time for grocery shopping and lower income individuals with relatively popular tastes. With the changing demographics of Chicago, it is predicted that the makeup of these neighborhoods will change as real estate prices increase.

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