Our Real Estate Attorneys Michael Romer & Pierre Debbas shared with us their latest Newsletter. Highlight for Michael’s excellent article on Foreign Investors…
Interest of Foreign Investors in U.S. & Manhattan Real Estate Remains Strong
By: Michael J. Romer, Esq.
Commercial and high end residential real estate in New York City, particularly Manhattan, have long been an attractive acquisition for the foreign investor. Simply put, the foreign investor has always been a player in the New York City real estate market. This is due to numerous factors including, but not limited to, the following:
a) Traditionally high rate of return (i.e. price appreciation) associated with owning New York City real estate over extended periods of time;
b) New York City being the financial and cultural capital of the world;
c) Popular second home location; and d) Especially of late, the weakened U.S.
However, at the height of the New York real estate market last decade, statistics indicated that the foreign investor was beginning to lose confidence. At that time, prices had escalated to a point where many became pessimistic regarding the potential for future appreciation.
If the recent Association of Foreign Investors in Real Estate (AFIRE) Survey referenced herein and market activity are to be believed, it seems evident that such lost confidence has been restored.
Click below for the full article & Newsletter:
Romer Debbas, LLP
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