Foreign Buyers And New York City Real Estate
January 13, 2008There might be a lesson here for other areas of the United States with a high mix of international real estate buyers.
“Foreign buyers, who have made about a third of the condo purchases in the last 18 months, have done so because they see it as a wise investment considering the weakness of the dollar, said Mr. Mayer of Columbia Business School. But, he added, even foreign buyers will walk away from deals if they don’t think Manhattan prices will remain strong or if they cannot expect high returns on their investments.”
- Source: New York Times
I heard about this before. With Foreign currency being worth more than the dollar, US real estate is becoming an attractive venture.
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http://forsalebylocals.wordpress.com/2006/05/11/bubbles-flat-prices-and-falling-dollars/
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It’s common sense I think. Everyone knows that the US currency will eventually rebound and so will the housing market. In fact, if you want to hear the REALLY bad news about the US real estate market, read a couple of foreign newspapers. They are all very savvy about the market here.
When the housing market and the dollar rebounds, these foreigners will make a double whammy.
Yes , as long as US Dollar is go down , US Real Estate will become attractive to foreign buyers
Good Points – I enjoyed reading over your article, made sure to bookmark your site for future reference. Talk to you later.
With the development of private property ownership, real estate has become a major area of business.
Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry
has evolved into several distinct fields.