Foreign Buyers are back & what that means for NEw York Real Estate

If you thought the market was hot this fall I can’t imagine what the rest of November and December has in store for us now that the US has lifted the travel ban to 33 different countries. It has been 20 months since buyers have entered the US. Many of them have been urged to come to major cities to view and buy properties since the peak of the pandemic.

According to the Real Deal “from April 2020 to March 2021, according to the National Association of Realtors, down 27 percent to $54.4 billion, compared to the previous year”. Meaning foreign sales have plummeted. This only means for a bigger and better rebound in the market these next couple of weeks. Sales data suggests the wave of overseas buyers could generate tens of billions of dollars in added sales. What does this mean for New York real estate? A very active 54 days. Foreign buyers are looking for trophy listings in major cities like NYC, LA, and Miami. This means New Development projects will be preferred as they can hold onto them and rent them out.

Lower prices and a combination of low-interest rates continues to fuel the strength of the market. I am confident this momentum will continue through the rest of the year.