Photo courtesy of Anthony Quintano
Last week, the Adirondack Mountains in New York acquired their very own international investor, Jack Ma, who is a multi-billionaire and founder of the Alibaba Group. Ma purchased over 28 thousand acres for $23 million, in an effort to conserve the land. In early May of this year, Ma stepped down from his position as CEO of Alibaba and climbed right back up as Chairman of the Board for The Nature Conservancy in China.
Although Ma will not be building on his newly acquired land, a report from realtor.com shows that New York is one of the top five most desired states for international investors when purchasing luxury real estate.
Among the most expensive apartments ever sold in New York City, most of them are owned by international buyers. The prime minister of Qatar owned the $90 million penthouse of One 57 in 2012, the daughter of a Russian billionaire owns an $88 million penthouse at 15 Central Park West, and 432 Park Avenue’s $95 million penthouse is rumored to be under contract with a Saudi Arabian billionaire. There are multiple reasons why there is an appeal for international real estate investors in New York. Realtor.com says, “home ownership is attractive to foreign buyers for a variety of reasons. Homes in the states are generally less expensive than comparable foreign properties, and homes in this country are also viewed as secure investments with long-term appreciation potential and rental opportunities.”
In the past few years, the United States has seen a constant increase in spending from foreign investors in the real estate market in New York. As the options grow thinner in such a desired market, prices only grow thicker. Catch a ride on this upward trend before it gets away.