Foreign Buyer Activity in New York
Posted by Wei Min Tan on October 30, 2017
Publication: Real Estate Weekly
Summary: REW writes about the Chinese and Canadian investors in U.S. real estate. Canadians bought the most property while the Chinese spent the most in total dollar volume.
Wei Min’s comments in article:
“The international buyer profile for New York is driven by sheer population size,” said Wei Min Tan, a founder of the Castle Avenue Team at Rutenberg Realty who speaks English, Cantonese, Mandarin, Malay and Hokkien.
“In Manhattan, the biggest foreign buyers are the Russians and the Chinese. They are two of the world’s strongest emerging economies and, if you only apply, say, one percent of their total population of multi-millionaires, that’s a lot of millionaires.”
Tan said most of his foreign clients are not the billionaires buying luxury homes at One57, but shrewd investors with successful primary businesses looking to make their money work for them to create a secondary or tertiary source of income. Buyers from China are a growing segment of Tan’s foreign buyers.