What International Buyers Want and Buy
Posted by Wei Min Tan on October 27, 2017
Publication: AM New York
Summary: AM New York’s Marjorie Cohen writes about the trend of international real estate buyers coming to New York City. Among the top brokers interviewed, Wei Min Tan explains what international buyers look for when investing in NYC.
Wei Min’s comments in the article: So, for now, the industry has to rely on the instincts of real estate professionals like Wei Min Tan, executive vice president of Castle Avenue Partners at Rutenberg Realty, who says that his “gut feeling” is that 25% of the condo buyers in Manhattan are international.
Tan is working with clients from Hong Kong, China, Singapore and the U.K. and he reports that business is booming.
Why? Tan explains, “New York real estate is cheap globally. It may be the most expensive in the U.S., but it’s still cheap globally — 10th on the list of the most expensive properties in the world’s most popular cities.”
“Condos in New York average $1,300 per square foot,” he adds. “Compare that to the most expensive, Monaco which is $4,500;London, $3,500; Paris, $2,400. There’s a huge property bubble in China and Hong Kong now — so much speculation and sky-high prices have convinced investors to come here to buy.”