Falling value of the dollar, low interest rates and the Internet have sparked an increase in the purchase of New York City apartments by international investors.
(PRWEB) November 30, 2004 -- Like Paris, Tokyo, London and Hong Kong, New York City is renowned as being one of the top real estate markets in the world and one that is very open to international investors. And with the dollars recent decline versus most major currencies and with interest rates still near 40 year lows, New York City stands apart as being more attractive than ever to foreign investors. For sophisticated, global investors, taking advantage of favorable interest and exchange rates is not a new phenomenon. What is new is the ability to use the Internet to connect international real estate investors with local brokers through websites such as CityRealty.com.
During the past month, while apartment prices in New York City have not fallen, the decline of the US dollar against many major currencies, particularly the Euro and the Yen, has caused the relative cost of a Manhattan apartment to drop by as much as 15% to 20% for foreign buyers. In the past, few people could take advantage of this due to the time and travel required to search for an apartment to buy. However, with Internet based services like CityRealty.com, foreign investors can obtain detailed market and property information (including photos and floorplans) and discuss their real estate investment plans with experienced market specialists before they set foot on a plane.
CityRealty, the leading website for New York City real estate, uses the Internet to provide apartment buyers with unique market information and leverages its extensive industry relationships to connect apartment buyers with experienced brokers. We have tracked a substantial increase in interest from international buyers in the past month, particularly from Europe and Asia," stated Daniel Levy, president of CityRealty.com. During the summer and into September, international buyers accounted for approximately 5% of our client base. Now, as the dollar has fallen to new lows versus the Euro, that number has more than doubled to almost 15%. And because we are able to provide the buyer with detailed information about the market prior to their arrival in New York – both via the Internet and by phone – investing in New York City real estate has become much easier for international investors."
Since its inception in 1995, CityRealty.com has steadily grown into one of the largest and most popular websites for New York City residential real estate. Located at www.cityrealty.com, the website tracks current availabilities in more than 1,800 buildings in Manhattan and connects buyers with brokers to help them easily and efficiently buy, sell and rent New York City property.
###
|
