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Europeans Flock To Buy New York Real Estate – International Business Times

Affluent citizens from France, Britain and other European nations who are concerned about their euro-denominated assets as the euro zone’s sovereign debt crisis worsens are flying to buy one of the world’s most stable investments: Manhattan real estate…

With the island’s limited supply and international prestige, New York’s condo values — underpinned by the strong U.S. currency — are expected to increase, allowing the foreign buyer to use cash to generate returns with a resale and avoid high taxes at home.

Dolly Lenz, vice chairman of Prudential Douglas Elliman and a top New York residential broker, described European investment in New York City real estate as “fright capital” in an interview with CNBC last week. “Europeans are coming in droves,” said Lenz…

…Many of the buyers pay cash…

via Europeans Flock To Buy New York Real Estate – International Business Times.

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