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.

 



Contact Weimin



641 Lexington Avenue,
22nd floor,
New York, NY 10022





641 Lexington Avenue,
22nd floor,
New York, NY 10022





About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

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