For years, Russian real estate investors have held some major influence within the New York City luxury real estate market. According to many in the industry, it was the Russian real estate investors that were seen as the biggest and most prominent buyers in the industry. However, it looks as though the New York City luxury real estate market is starting to make a shift. As many within the industry know, the past few months, a great deal of emphasis has been placed on the influx of foreign investors within the industry. However, by taking a close look at these investors, it seems as though Chinese investors in particular are the ones who are taking over the market and who are starting to become the new Russian investors in New York City.
In fact, there are many within the busy world of the Manhattan real estate market who are referring to Chinese investors as “the new Russian” investors. There are many, including famed NYC real estate broker Dolly Lenz, who have revealed that those who have meetings with a Chinese buyer for NYC real estate appointment will find it is much easier to get the appointments they want. This is because all of the big movers and shakers within the industry understand the power and influence of these wealthy Chinese buyers in the New York City real estate market.
While there is no denying that the recent foreign trend within the New York City market is being led by Chinese investors, there are many who are wondering why so many investors from China have been looking to The Big Apple. In addition to the relatively affordable luxury investment opportunities (as compared to properties from around the globe) there are many characteristics of wealthy Chinese individuals that have actually caused these investors to flock of these properties. First, those in China’s elite class often want to diversify their wealth, which is why many have been turning their heads towards New York City real estate. Many of the wealthiest individuals in China also want to safeguard this wealth by buying actual assets with their money. Finally, in China, there are many who want to store some of their wealth away from their native country. Together features like this along with some new property tax efforts that have driven buyers out of Hong Kong have made NYC the go to destination for China’s most elite investors.
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