The international influence in the New York City luxury real estate market is recording more impressive numbers than ever with a series of new reports on market activity. In the United States, more than 6% of residential real estate sales were from international buyers. Neighboring country, Canada has the strongest demand for US residential properties. However, in a close second for US property demands is the People’s Republic of China. For years, Manhattan has been a major attraction for worldwide real estate investors, particularly in China. However, recent reports have shown that just a few miles away in other New York City neighborhoods there is an even larger demand for these investors. One such building that is attracting major Chinese investors is Sky View Parc in Flushing, Queens.
Even though this luxury building isn’t in the popular Manhattan neighborhood, it has been getting a lot of attention from global investors. Here buyers can find luxury apartments and experience opulence throughout these residential towers that will remind any investor of the popular glimmering buildings often found in Shanghai. In Flushing, there is one of the largest Chinese-American communities in the entire country.
This is one of the many reasons why the countless Chinese investors looking for New York City real estate investment opportunities have been turning to Flushing. This has also helped the neighborhood of Flushing’s luxury real estate properties increase greatly over the past few years. According to recent reports, buyers are expanding their search for new luxury properties in NYC beyond the traditional ‘upscale neighborhoods’ to find new luxury gems in other neighborhoods. This includes Brooklyn, Queens and the Bronx. The Chinese’s interest in these areas has helped grow the luxury developments in these areas and more.
Reports have also shown that there is no sign of this Chinese investor trend slowing down any time soon. Home purchases from international buyers were estimated to be around $68 million. What is more impressive is that one in every eight of these deals involves a Chinese buyer, with New York City being their most popular destination. Many buyers are purchasing these homes for vacation destinations while others buy these properties so their children can go to school in New York City. No matter what their reasons may be it is clear that Chinese investors have developed a passion for the unique properties found in the New York City luxury real estate market.
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