NY Real Estate Market is affected by the decline of Chinese customers
According to data from many US real estate developers and home sales companies, US real estate, which has always been popular among Chinese customers, especially in the high-end luxury apartment market, has seen fewer Chinese customers recently. This is most prominent in the New York market.
Joan Brothers, President of Manhattan Boutique Real Estate said, “It is interesting that people are interested to see luxury property or affordable luxury listings, most of it are not from China”.
According to New York real estate developers, investment funds from Chinese customers reached $5.4 billion in 2015 and rose to $8.8 billion in 2016. From 2017, it fell sharply to $2.2 billion, and by 2018 it was only 336 million.
Joan noticed that within the last 2 years it really sort of calm down, particularly this past fall where the spout was turned off.
According to statistics, in the first quarter of this year, the number of contracts for various industrial and commercial, residential and real estate projects from China was only one-third of the same period of last year. But experts said that the US real estate industry all expects Chinese customers to renew their enthusiasm for the New York real estate market when appropriate.
“New York city is a global place and culturally open to china”. Joan ended.
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