New York ranked most affordable among world’s wealthiest cities

TRD New York /
Feb.February 10, 2011 03:56 PM

Property prices are now substantially higher in the global cities of Hong Kong and Moscow, and lower in New York, according to a survey conducted by Savills Plc, an international property firm which is an affiliate of New York-based residential brokerage Stribling & Associates. The study compared the residential markets within four of the world’s cities sought out by the wealthiest households — London, Moscow, Hong Kong and New York — and revealed New York to be the most affordable. Using London as a means of comparison, the total cost of a group of residential properties of equivalent households is 8 percent higher in Moscow, 56 percent higher in Hong Kong and 18 percent lower in New York.

According to the results, these four cities outperform the broader market of their countries. The high-rise and compact characteristics of Manhattan living spaces make it possible for New Yorkers to live in prominent areas of central Manhattan, the report says. Additionally, an influx of foreign buyers proves that the demand for luxury residential property is on the rise. “Overseas buyers have become proportionally more important in the Manhattan market due to lower prices and the buying power of foreign currency,” said Elizabeth Stribling, the company’s president. She also noted that although residential real estate in New York is not inexpensive, when compared to other markets, it is relatively affordable and still a solid investment. TRD


Related Articles

arrow_forward_ios
135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

Brooklyn luxury market saw 15 contracts signed last week
130 Furman Street and 296 Sixth Avenue in Brooklyn

Brooklyn’s luxury market saw 22 contracts close above $2M last week

Brooklyn’s luxury market saw 22 contracts close above $2M last week
The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it
83 1st Place in Carroll Gardens and 952 East 9th Street in Midwood (Credit: Google Maps)

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling
REBNY president John Banks and Zillow CEO Richard Barton (Credit: iStock)

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads
From left: Robert Reffkin, Elizabeth F. Stribling, Elizabeth Ann Stribling-Kivlan, and Compass COO Maelle Gavet; Inset, from left: Linda Maloney and Megan Scott

Two months after Compass deal, Stribling’s seeing a string of departures

Two months after Compass deal, Stribling’s seeing a string of departures
The interiors of 16 Sidney Place and 15 Willow Street in Brooklyn

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling
215 Clinton Avenue and 16 Grace Court Alley in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury market saw 15 contracts close above $2M last week

Brooklyn’s luxury market saw 15 contracts close above $2M last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...