For years, the New York City real estate market has been viewed with a magnifying glass, as many from all over the world, want to see how this market has risen to become one of the most elite in the world. Year after year, some of the most expensive luxury homes in the world are built in New York City, and year after year the market continues to have some of the most impressive sales numbers of any city from around the globe. Now, a new report from Douglas Elliman Real Estate has given further insight into the world of New York City real estate and what makes this market tick.
The report revealed that the average property in New York City is one the market for approximately 96 days. This number is down by 46 percent from last year, but still impressive. What is most interesting about this particular report is that the amount of properties available for sale in this market has increased by 18 percent year-after-year. This should come as no surprise to those who are familiar with the New York City market. Nearly every week new investors and developers are making their way to the city and creating brand new
What many people want to know when they look at these statistics is who exactly are the buyers that are grabbing up these multi-million dollar homes in New York City. This report has found that buyers in the Big Apple are primarily foreign buyers, particularly Chinese. This mostly has to do with affordability, a boost in affluence in the market and favorable exchange rates for Chinese investors. Last year international purchases were at $68.2 billion. This year, they are at $92.2 billion. Experts have credited the Chinese with $22 billion of that amount. Most of these US transactions actually took place in New York City.
There is no arguing that the New York City market has been popular this past year, and recent news is showing there is no slowing down for the industry either. Earlier this month, Forbes revealed that one of the developers of a 380,000 square foot tower in Midtown Manhattan received a $62 million investment from a Chinese developer. With this in mind, it seems the market can only expect more success and an even more flourishing NYC market in the years to come.
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