Return of Foreign Buyers to the Big Apple Real Estate

September 1, 2010
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Foreign buyers return to Big Apple real estate

Signs are that a number of foreign buyers are migrating back into the New York real estate market, betting a decline in prices may be about to turn.

According to reports, the dollar’s recent rally, rather than putting off foreign buyers, is encouraging them to jump into the market before it rallies further and drives up prices. According to the DE Capital Mortgage specialist, Richard Martin, “People are thinking it might run away from them because there are these predictions the dollar will even go further.” “We are talking a lot about foreign borrowers lately.”

The luxury end may be starting to swirl in Manhattan, the 23-square-mile island that is the heart of the city’s cultural and business life and one of the most built-up areas in the world.

Bid on the City, an online real estate auctioneer that specializes in Manhattan property, estimated a third of the people enrolled at a recent auction were from overseas and said foreign participants were more likely to join in. Exact data on foreign purchases of New York real estate are difficult to get in part because there is no centralized source and because many buyers purchase through locally formed companies with U.S. addresses.