5 Reasons Foreign Buyers Cannot Wait to Return to New York City and Invest

·4 min read

NEW YORK, NY / ACCESSWIRE / January 8, 2021 / New York City is not dead and the foreign buyers know it. In fact, this may well be one of the most attractive times for international investors to buy real estate in New York City. Philip Hordijk, founder of Manhattan based real estate brokerage New York Casas, reports that on average between 10% and 20% of condominium buyers in Manhattan do not have residency in the US. Why do so many international investors turn to real estate in New York City? According to Hordijk, the reasons are both financial and personal.

  1. People want what they cannot have. For most of 2020, New York City was nearly inaccessible for foreigners. The Big Apple has long been on the global elite's annual visit list, and the inability to visit this past year has surely pushed the city to the top of their 2021 list.

  2. The US Dollar is weakening against major international currencies like the Euro, Pound, Yuan and Real. From a foreign exchange perspective, US property may become a more affordable investment opportunity. Economists project that the US dollar will continue to weaken as long as the U.S. Federal Reserve keeps interest rates low.

  3. Foreign nationals are looking to diversify by investing some of their wealth outside of Europe. With good reason, as in Germany, for example, there is a negative interest rate, meaning that the people there have to pay to keep their money in the bank and on the other hand can access extremely affordable loans. For this reason, many German locals and other Europeans are looking to buy or invest elsewhere.

  4. The mortgage interest rates have never been lower. HSBC and certain private banks offer programs of up to 70% Loan To for foreign nationals with interest rates as low as 3%. That in itself is a value proposition not seen before in the real estate market.

  5. And last but not least, the prices of New York City Real Estate have been on a downward trend since early 2017. Buyers that have had their eyes on a property for a few years now see that same property offered at a 10%, 20% and sometimes 30% lower price point. In times of uncertainty, people look for places of certainty. And for many people in the world, "New York is the city that will always bounce back," explains Hordijk.

The visitor numbers from the company's comprehensive website support this international interest in New York City real estate. Since the beginning of March 2020, the amount of foreigners that are looking at New York City real estate on nycasas.com has grown by about a third as opposed to the same 10 month period in the previous year (2019). The countries from where the most visitors accessed the website were Brazil (61k) Germany (40k) and Spain (29k).

Source: Google Analytics for nycasas.com

New York Casas was founded in 2012 by Philip Hordijk who began his real estate career at ING Real Estate in the Netherlands before expatting himself to Argentina where he lived and worked for several years. Upon moving to New York City he realized that there was a lack of adequate support for foreign nationals looking to invest in New York real estate. New York Casas started out offering its services in just English, Spanish and Portuguese, but has since then grown its website and team to 25 of the most spoken languages including German, French, Italian, Arabic, Russian, Japanese and Chinese.

For foreign nationals considering New York City real estate investments, New York Casas is now the premier partner to acquire, manage, and sell condominiums and multifamily properties. Though New York City has become somewhat more affordable, it remains one of the most competitive real estate markets in the world. For that reason it is crucial to work with professionals that speak your language and know the specific considerations both financial and legal that foreign buyers face. To learn more about their renowned service, and browse available properties, visit https://nycasas.com/.

Contact Name: Philip C. Hordijk
Business Name: New York Casas Ltd.
Address: 745 Fifth Avenue, Suite 500, New York, NY, 10151
Phone Number: +1.917.285.6835 (WhatsApp)
Website Link: http://www.nycasas.com/
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SOURCE: Philip C. Hordijk



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