Wide Range Of International Buyers Invest In Local Real Estate
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International buyers are buying up more and more of the core of Big Apple real estate, since they view it as a secure investment. NY1's Real Estate reporter Jill Urban filed the following report. They come from all over the world with their eyes on Manhattan. When it comes to condominium sales, these days international buyers are taking a big piece of the "Big Apple" pie.
"I see a lot of international buyers coming. New York is more affordable that London, Paris," says President Elizabeth Stribling of Stribling & Associates. "The dollar is relatively low compared to other currencies around the world and foreigners see New York and certainly the United States of America as a secure place to invest their money."
A recent report by Stribling Associates finds that international buyers make up about one-third of all condominium sales.
Last year, there was a surge in buyers from Europe, but with the uncertain markets there, now it is buyers from other parts of the world who are looking to own a piece of New York.
"I see a lot of Brazilians, Argentinians, we see trophy apartments being purchased by Russians and we see the Chinese buying smaller apartments for their own family use," says Stribling.
These buyers, according to Stribling, are smart and savvy and know exactly what they want. Since they mostly pay with all-cash, the transactions move very quickly.
Most international buyers are using these properties as pied-à-terres. Some are buying as an investment, while others are looking for an opportunity for their children.
"We are setting a very strong trend in Manhattan of parents from all over the world, buying condominium residences for their children who are students attending universities here," says Karen Mansour of Development Marketing at Prudential Douglas Elliman. "The city can be overwhelming for visitors from abroad and I think parents especially feel very safe and happy that their children are in a nice environment."
It is nice indeed, especially when the one-bedrooms in most new luxury condos start around the $1 million mark. Mansour says many are also purchasing luxury two- or three-bedrooms for their children because they plan to use the home once their child graduates.
So despite the uneasy financial markets, it seems New York’s real estate market is proving to be a popular investment worldwide.