Jul 7, 2022
6:25:01am
6:25:01am
Good question. It changes from year to year but right now only about 15% of buyers are foreign. The Chinese government
really closed off buyers from China when they changed their rules about moving money out of their country.
And European buyers have basically disappeared with current exchange rates. When the Euro was at 140 back in 2008 then tons of them were buying NYC real estate as a currency hedge. But with the Euro at near parity, NYC real estate is much less attractive to them now.
And with Russians they are huge sellers right now. There is real talk of seizing Russian assets in the US. They are nervous about it and want out.
So 15% of buyers are foreign and probably a similar amount of sellers are foreign.
And European buyers have basically disappeared with current exchange rates. When the Euro was at 140 back in 2008 then tons of them were buying NYC real estate as a currency hedge. But with the Euro at near parity, NYC real estate is much less attractive to them now.
And with Russians they are huge sellers right now. There is real talk of seizing Russian assets in the US. They are nervous about it and want out.
So 15% of buyers are foreign and probably a similar amount of sellers are foreign.
Originally posted on Jul 7, 2022 at 6:25:01am
Message modified by HarlemCoug on Jul 7, 2022 at 6:27:53am
Message modified by HarlemCoug on Jul 7, 2022 at 6:28:19am
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Take a guess CBers: What percent of apartments over $5M are bought in NYC with all cash. The answer may surprise you.
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