New York is the World’s “Safe Haven”
The New York real estate is regarded as a “safe haven” for foreign investors fleeing economic turmoil and has become a guiding ideology for developers and investors.
Many new investors are drawn here by the city’s comparatively stable prices, even though prices has been come down recently, reliable liquidity and easy accessibility with more direct flights than anywhere in the world. When deciding to invest in one of the great cities of the world, beit New York, London, or Paris. New York comes up as the as the top choice.
As a US dollar asset class New York without question has the greatest selection of rentable residential condominiums, commercial and retail properties for investment. New York property is resilient to big price swings as evidenced by the financial crisis nearly ten years ago when prices barely moved. Subsequently, we have witnessed the average price per square foot for apartments more than doubling, partly also due to the high quality product coming onto the market.
New York has drawn a disproportionate share of investment because its real estate provides clean unambiguous title and liquidity is second to none even for trophy properties. For many investors, New York’s high rents help justify its high prices. Developers will not build, and lenders will not lend, unless they believe that the buyers will ultimately be willing to shell out top dollar for condos. And there is no shortage of demand at these rates.
Indeed, for many serious investors, evaluating decisions on where to buy property involves a great deal of research, and New York ticks all the boxes in the decision making process.