- The real estate market in New York City is experiencing an unexpected boom, with sales of homes worth $20m and above skyrocketing by 300% this year.
- The ultra-luxury housing market has experienced a significant shortage in inventory, which has led to a surge in house prices.
- Wealthy individuals looking to buy a luxury property in New York City should use a safe and reliable mode of money transfer when making payments.
The luxury real estate market in New York City has experienced a significant surge in sales this year, defying expectations amid historically high interest rates and limited inventory.
Market reports from top real estate brokerages indicate that wealthy buyers are still eagerly seeking out luxury properties in the city.
According to a report by Compass, there has been a 300% increase in contracts signed for homes priced at $20m or more compared to the previous year.
Luxury deals have risen by 23.6% on a quarterly basis, indicating sustained interest from wealthy buyers. The upward trends in the market demonstrate the resilience and desirability of New York City’s luxury real estate industry.
According to a recent report by Bloomberg, Manhattan is experiencing a surge in interest from foreign home buyers.
While domestic buyers remain hesitant and cautious, overseas shoppers eagerly seek out new developments throughout the city. Foreign investors can take advantage of geopolitical shifts and currency value fluctuations and benefit from the best exchange rates.
Significant deals are taking place for large apartments and penthouses. According to a report from Compass broker Ian Slater, many of these deals are happening off-market, indicating a strong demand in this segment of the market.
This is because buyers at the top end of the market are not impacted by interest rates and have access to ample financing options.
Additionally, there is a lack of supply in this sector, which is further driving up demand and prices. Properties in the $5m-$10m and $10m-$20m ranges have only seen a minimal price decrease, by 1.9% and 2.6% respectively compared to last year.
Frederick Warburg Peters, president of Coldwell Banker Warburg, also asserted that despite high interest rates and inventory shortages, buyers will only make a move when they find the right property at the right price, and the demand for city homes will continue to rebound as more people return to their offices.
High net-worth individuals (HNWIs) wishing to invest in property abroad should use secure methods of money transfer when making international payments.
HNWIs can use our online money transfer comparison tool to find the most favourable exchange rates.
