Few New Yorkers would be surprised to hear that many consider Manhattan as the hottest real estate market in the world, but some might be taken aback that international buyers often regard Manhattan condos as “bargains.” People across the globe tend to view Manhattan as unceasingly dynamic and fast-paced. International buyers from places like the UK, China, and Brazil, however, are not only attracted to Manhattan because of its energy, but also because of the stability and value of its real estate market. These international buyers are purchasing Manhattan property at a rapid rate and are sure to change the face of Manhattan real estate once again.
New York real estate agents have noticed a definite upward trend in the number of international buyers in the last few years. Manhattan represents the most elite real estate market in the United States, but international buyers still consider it a bargain. New York City is one of the most iconic cities in the world and buyers have the opportunity to live on streets or near landmarks that are frequently featured in movies and magazine shoots. Additionally, Manhattan condos are cheaper than many of the other popular cities in the world like London and Paris. Manhattan real estate is also especially attractive to European apartment buyers because of the stability of the market. The economic crisis severely weakened real estate values in many countries, while New York is viewed as a place that has weathered the storm.
All of these factors make Manhattan an extremely attractive market for international buyers; the next step is working with an experienced real estate agent to work to achieve the often sky-high expectations international buyers have for Manhattan properties. International buyers typically want a few things from their Manhattan apartments: a fast sale, condos and not co-ops, and finally a location in one of Manhattan’s most famous areas, such as Park or Fifth Avenue. Bringing as much energy as they do money, these buyers frequently purchase in a very short period of time, after rushing all over the city to view various apartments.
Sharon McIntosh, president of The McIntosh Company, relates the story of one client from Israel, whom she showed 100 different apartments over just four days. Finding the right balance of price, convenience, and prestige is often a difficult task, but one that is made easier by the impressive diversity of Manhattan’s available properties. This influx of international buyers will surely benefit the New York City community, thanks to Manhattan’s global reputation as a stable and desirable real estate market.