Chinese investors are buying more and more property – primarily apartments – and increasing their “footprint” in New York City, according to an article published on www.therealdeal.com.
The Real Deal held a U.S. Real Estate Forum and Showcase recently in Shanghai, which led real estate people there to make comments about more Chinese buying real estate in New York City. There are many reasons why NYC apartments for sale is appealing to Chinese investors who have the money to spend and want a great place with some prestige added to the deal.
Luxury apartments are becoming more common, and as each development grows it tries to outdo the others with even more luxury and more outstanding amenities.
Town Residential is one of those companies entertaining Chinese investors as they look over property in New York. Town Residential is a real estate service focusing on luxury apartments in New York and was founded in 2010. Town Residential is a leader in the luxury apartment sales area. It has four offices in the New York City area and an office in Miami, Fla.
Real estate brokers say the Chinese see the value of New York City, which is why they are coming to America and buying apartments. Real estate tends to falter in bad economic times, but perhaps because of its size, its history and overall appeal, the demand is constant regardless of the economy, one of the brokers explained. There is always plenty of demand in New York, and there are people with enough money to buy what they want, regardless of the economy.
The idea is also pushed that owning an apartment in New York City is a world recognized status symbol of being a true success in the business world.
The city has also cleaned itself up. It now has the reputation of being one of the safest big cities in America, adding even more appeal to Chinese investors.
One broker added that Chinese investors are not limiting themselves to just New York City, but also considering nearby areas such as Brooklyn or Harlem.
Many Chinese investors looking for apartments are ready to spend between $1 million and $2 million. Financing across international lines is tricky, so they tend to also bring a lot of cash when they come to New York to shop for real estate.
Another appeal for the investors is that New York real estate is more regulated and more transparent than what they can find in China.