Nation-building, for NYC real estate
Foreign nationals buy homes in New York City for a plethora of reasons: the culture, their children, America’s political openness and, lately, the relative economic stability of the city’s residential real estate market.
Below, The Real Deal takes a look at the economies and currencies of 10 nations that send significant numbers of buyers to New York, according to brokers, research reports and numbers from new development marketers.
Perhaps the most active new foreign buyers are coming from the emerging markets of Russia, China and Brazil, where individuals are using their increased purchasing power to snap up pieds-à-terre and homes for their college-bound children at some of the city’s most high-profile properties.
Buyers from countries that have managed to keep their export economies strong through the downturn, such as South Korea and Argentina, continue to play a role in the residential market here. Likewise, purchasers with strong currencies relative to the U.S. dollar — Canadians, Japanese, Brazilians and Europeans — are able to jump in at attractive prices, or afford more-expensive apartments.
Even buyers from countries with uncertain economic futures — particularly Italy — are parking their funds in New York residences.
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