Foreign Investment in Real Estate
By : J. David Chapman/January 16, 2026
This week, I had the opportunity to speak at the Greater Tulsa Association of Realtors (GTAR) annual conference on a topic that has moved from the margins of real estate conversations to the center of them, foreign investment in United States commercial real estate.
The question I was asked by Realtors, developers, and investors alike was simple. Can foreign investors legally purchase commercial real estate in Oklahoma. The short answer is yes, most of the time. The longer answer, and the one that matters in practice, is more nuanced.
Today, foreign capital transactions hinge on four things, who the buyer really is, where the property is located, what the intended use will be, and how the money moves. Miss any one of those and a deal that looks straightforward can quickly become complicated or fall apart.
What has changed in recent years is not the existence of foreign investment, but the lens through which it is being viewed. Ownership of real estate near strategic and sensitive assets such as military installations, critical infrastructure, and logistics hubs has entered the national security conversation in a serious way. Federal review authority has expanded, state legislatures are acting independently, and documentation expectations at closing are increasing.
Oklahoma sits in the middle of this discussion. We are home to major military installations, aviation infrastructure, energy hubs, and logistics assets that are vital to the state and the country. That reality does not mean we should shut the door to lawful foreign investment. Doing so would likely harm redevelopment, job creation, and long-term economic competitiveness.
It does mean we need guardrails.
As a real estate professional, I believe capital, domestic or foreign, should be welcomed when it is transparent, lawful, and aligned with community goals. As a regulator, I also believe we have an obligation to protect consumers, maintain market integrity, and be thoughtful about risk.
Some states, including our neighbor Texas, have chosen broad prohibitions that restrict ownership based largely on nationality. Others are pursuing targeted approaches that focus on location, use, and disclosure. In my view, Oklahoma opportunity lies in clear rules, predictable processes, and early identification of potential issues before contracts are signed.
Foreign investment is not a threat. It is a tool. Our responsibility is not to stop capital but to guide it responsibly while protecting what matters most and keeping Oklahoma open for business.
Dr. J. David Chapman is the Chair of Finance and Professor of Real Estate at The University of Central Oklahoma (jchapman7@uco.edu)