Italian Investors Flooding NY Realty
As the New York real estate industry navigates a new normal of slow sales and an oversupply of luxury listings, investment interest is coming from an unexpected place — Italy. Italian buyers, seeking a place to park their money as their country’s economy continues to reel after being hit hard by
Published -
Jun 29, 2020 4:48 AM
As the New York real estate industry navigates a new normal of slow sales and an oversupply of luxury listings, investment interest is coming from an unexpected place — Italy. Italian buyers, seeking a place to park their money as their country’s economy continues to reel after being hit hard by the coronavirus, are seeing the potential for better deals during the current climate and expect the market to rebound strongly in the coming years, similar to activity in the wake of 9/11 and the 2008 financial crisis. While timing the market is difficult, and it’s uncertain whether New York has seen its bottom, today buyers in New York have more negotiating power. There has also recently been an uptick in interest from international investors from Germany, Switzerland, the UK, Canada, South Africa, Singapore, the Middle East, Brazil and Argentina. They are particularly interested in townhouses and well-managed, smaller boutique buildings. To the benefit of the buyer, the effects of the recent global pandemic have caused a ‘tipping point.’ In particular, developers are eager to transact and move their inventory. Having lost almost three months of the traditionally very busy spring season, select sellers are ready to boost activity as the city enters into Phase 2. This leads to increased negotiability in many cases to catch up.
Tags : INTERNATIONAL