Russian investors are among the big-pocketed foreigners flocking to the New York City real estate market. Donald Lutt of Colliers International and Tamir Shemesh of the Corcoran Group told CNBC that the city is the safest place for foreigners’ investments.
“From a worldwide standpoint, Manhattan real estate is truly the ultimate safe haven. There is liquidity, strong demand, and because Manhattan is an island, a limited supply of future product,” Lutt told the network.
Shemesh said $120 billion is expected to leave Russia by the end of the year. By late 2015, $80 billion is projected to leave, he said.
“I would think and assume that some of this money will come in and be translated into purchases of real estate in New York City,” Shemesh said. “It could be residential, it could be commercial, anything.” [CNBC] — Mark Maurer