New York City, has one of the most expensive real estate markets in the world. This distinction is earned by a big boost from wealthy foreigners snapping up pricey apartments.
NYC is second only to one other city in the world, London. This is based on the popularity among foreign investors, according to a survey in January by the Association of Foreign Investors in Real Estate. However, there is not one specific group making all the purchases, there are certain trends in key neighborhoods across the region, with buyers from Europe, Asia, and the Middle East all in search of solid investment.
A key group is Chinese buyers. A few years ago, China’s economy showed signs of slowing. Evidence suggested then, that wealthy nationals were snapping up U.S. asset in order to get money out.
Also, buyers from Russia and the Middle East are snapping up properties in luxury hotbeds such as Columbus Circle and Central Park West.HYPER
Below is a list of the most popular NYC neighborhoods with foreign nationals.
Brooklyn on La Seine
Brooklyn’s Cobble Hill is close to public transportation and contains breathtaking architecture.
Upper East Side schools attract
Many buyers are expressing interest in the Upper East Side because of the schools says Dorothy Schrager of Warburg Realty.
Even though it is hard to generalize, branded luxury developments are popular with Russian and Chinese nationals due to the perceived stability of the properties.
The Upper East Side is one of the wealthiest neighborhoods in the city and is seen as a safe investment because of its longevity and global reputation.
The Upper West Side
Here there are a wide variety of foreign clients, from places like Eastern Europe, Asia, and the Middle East. They are investing in Manhatten’s Upper West Side near Central Park West, and “Billionaires’ Row” along 57th street.
Staten Island Development
This New York City borough offers good deals for foreign buyers. New construction is taking place on Staten Island’s North Shore and is increasingly drawing interest from wealthy foreigners. The new ferry service and luxury condominiums are viewed as an attractive buy right now also.