International homebuyers flooding the Big Apple streets
International buyers are expected to play influential roles in increasing the value of real estate in New York, New York. According to iRealtyTimes, more and more wealthy Chinese residents with disposable income are moving to Manhattan as a way to diversify their investment portfolios.
Jacky Yeung is a recent homebuyer who turned toward the Big Apple for its status as an international financial center. He went on to tell the news source, "Hong Kong property prices are too high, so I considered buying overseas." Yeung explained that his aim was to diversify his investments and avoid any potential blow-up in China both economically and politically, the source reports.
Recently, prices in prime areas of New York City are up 10 to 15 percent compared to the bottom of the inventory. As more international buyers enter the market, values will only increase concurrent to demand.
Domestic homeowners may finally be able to get their asking prices if their properties appeal to foreign buyers. With an influx of expat and investors from China, the opportunity to increase asking prices will be apparent, and homeowners can walk away with a significant portion of money in their pockets.