Some say foreign buyers are back, but evidence is anecdotal

Home purchasers from overseas appear to be trickling back to NYC

New York /
Jul.July 30, 2021 01:20 PM
Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)

Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)

Signs abound that foreign home buyers are returning to the New York City market. Data to verify what some real estate agents are saying are scant, though.

The pandemic made it unrealistic for international buyers to purchase real estate in the United States, given the travel restrictions and uncertainty about how high-end markets such as Manhattan would fare post-Covid. Some realtors are seeing a rebound in international interest, however, according to the New York Post.

With restrictions and pandemic measures being eased, international buyers are being enticed by steep pricing discounts and the sense that they won’t last. A Douglas Elliman report stated that the average Manhattan apartment sales price increased 12 percent last quarter.

Buyers from Taiwan, Hong Kong, Singapore and Japan are among those making inroads in the city’s housing market.

Some of the biggest purchases this year have been by international buyers. Alibaba’s Joe Tsai, a citizen of Taiwan and Hong Kong, was recently revealed as the buyer of a $157 million two-unit package at 220 Central Park South, the biggest residential sale of the year so far in the city.

Joe Tsai (Twitter)

Joe Tsai (Twitter)

A managing partner of Centurion Real Estate Partners told the Post there had been a 33 percent increase in international traffic over the first half of the year at the 20-story condo tower 212 West 72nd Street, one of the priciest condo filings of last year.

Not everyone is convinced that the international buyer pool is back, though.

“I just got back from a trip from Europe and a lot of [potential buyers] don’t feel comfortable coming back to the States,” Tal Alexander of Douglas Elliman told the Post.

[NYP] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    (Getty; Illustration by The Real Deal)
    Agents: Life is good under 7%
    Agents: Life is good under 7%
    (Getty Images)
    Tenants attack landlords in two separate incidents
    Tenants attack landlords in two separate incidents
    One of the two Avalon lots sold to an unnamed businessman (Google Maps)
    Two Jersey Shore lots sell for record $21M
    Two Jersey Shore lots sell for record $21M
    Michael Ovitz looks to flip Greenwich Village condo for $25M
    Michael Ovitz looks to flip Greenwich Village condo for $25M
    Michael Ovitz looks to flip Greenwich Village condo for $25M
    (Getty Images)
    Millions of housing units are needed in the US
    Millions of housing units are needed in the US
    A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
    Nebraska lawmakers mull digging $1B recreation lake
    Nebraska lawmakers mull digging $1B recreation lake
    From left: Attorney General Merrick Garland and RealPage CEO Dana Jones (Getty, The United States Department of Justice, RealPage)
    Justice Department investigating RealPage
    Justice Department investigating RealPage
    Coach Realtors' Mary Alice Ruppert (Coach Realtors Associate, Getty)
    Sellers relent: Long Island home price cuts at 3-year high
    Sellers relent: Long Island home price cuts at 3-year high
    arrow_forward_ios

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

    Loading...