Foreign Buyers And New York City Real EstateJanuary 13, 2008
There 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