New York City is a hot real estate market among Chinese home buyers according to a report in the Wall Street Journal. The U.S. is top ranked among Chinese looking to buy homes outside of their country. The article shows screenshots of some New York real estate listings marketing to Chinese buyers on Juwai. The site which posts listings for 53 countries says that more and more people are investing in real estate abroad.
“There’s just a bigger appetite for the U.S., and New York in particular,” said Andrew Taylor, a founder and co-chief executive of Juwai in Hong Kong.
“And what’s changing is that they’re now looking for lower-priced properties instead of just searching for the ultra-luxury homes. People are looking for yield, and they want to diversify out of China. It’s not just the wealthy who are buying: The upper-middle-class are searching for properties under US$1.1 million and the real sweet spot is under US$750,000.”
The U.S. is noted as the overwhelming favorite followed by Australia, The U.K., Singapore and Canada.
New condo prices continue to soar in the New York City housing market as demand continues to drive up the price. Luxury condos such as 10 Madison Square West by The Witkoff Group has reached 60% sold in sales. The Azure luxury residential building by the DeMatteis Organizations and Carl Mattone/Mattone Group announced it reached 75% sold earlier this year. The Wall Street Journal reports that New York City apartments are selling for well over $5,000 a square foot including skyscrapers near Central Park such as One57 and 432 Park Ave.
New York was noted as the most-searched city for Chinese real estate buyers, followed by San Francisco, Palo Alto, Los Angeles and Orange County.