Foreigners continue to buy U.S. real estate

June 14, 2010 06:30PM

Pamela Liebman, CEO of Corcoran

The sinking euro hasn’t derailed foreign appetite for premiere U.S. residential real estate such as along New York’s Fifth Avenue, at least for now, top real estate professionals said today. “We thought our foreign buyers would flee, but they haven’t as yet,” said Pamela Liebman, president and CEO of the Corcoran Group, at the Reuters Global Real Estate and Infrastructure Summit in New York, Reuters reported. The next several weeks will reveal whether the market chaos that recently swept the euro to a four-year low will eat away at foreign demand for Manhattan properties, she said. “It still feels as good as it did before the euro crisis, but we’re waiting to see, and it’s nowhere near what it was with the condo boom,” Liebman added. Foreign buyers are looking for a safe place to put their money, and they are finding that in the best-known U.S. addresses, said Jay Koster, president of Americas Capital Markets for Jones Lang LaSalle. “There is tremendous
appetite especially if [the address] says Fifth Avenue or Park AvenueOr Madison Avenue,” he said. [Reuters]