NYC: Still A Melting Pot for Foreign Buyers, But Not As Many
Despite the falling value of the euro, New York City has remained a hot spot for foreign buyers looking to reside on some of the city’s most prominent streets. According to real estate professionals, prospective buyers are “wealthy and looking to buy for families… rather than to flip.”
Still, while the country’s cultural melting pot has yet to be affected by the downfall of the euro, New York’s real estate market is experiencing a diffusion of some cultures and an attraction of others. Italians, South Americans, Russians and Chinese are among the most common buyers, while Irish and Korean buyers are staying away. Pamela Liebman, president and chief executive of The Corcoran Group, believes this is because of the lack of real estate brokers available to people in these particular markets.
To bring in buyers from other countries, The Corcoran Group has been placing real estate agents across the world to capitalize on the interest of New York’s luxury real estate.
— Kaitlin MacRae
