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.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.