New York real estate seemed standing apart from the housing crisis sweeping other cities of the USA. However, the city needs new foreign investments, particularly from Russia, to keep its privileged status unchanged.
Today’s price of a house in Manhattan is $1 million – the prices here have soared 14% compared to the similar period last year. Nevertheless, the new round of crisis makes local real estate agents apprehend a slump of prices.
Some market participants believe foreign investors, who take advantage of weak dollar, will not let the market down. Rich businessmen from Italy, the UK and Russia have purchased record amount of properties recently.
Saturday, September 20, 2008
New York City 2010
