It is an industry where nothing seems as though it is certain in today’s climate, however it appears that is not the case when it comes to New York, as many international investors are favouring the city as their preferred place to invest money.
In terms of commercial property, New York has been named as the most popular global destination for foreign investors for an impressive third year, with the Big Apple also being the top prime US city for foreign investors for a seventh year according to a poll conducted by the Association of Foreign Investors in Real Estate (AFIRE).
The survey also indicated that Germany was just behind the USA in terms of the stability and security of real estate investments, with China, Mexico and Brazil all appearing to be leading the way in regards to developing countries who are being considered for property acquisitions.
Kenneth McCarthy, who is the principal economist at Cushman & Wakefield, has suggested that the recent election of Donal Trump as the President of the USA will have a significantly positive impact on the property market in New York as well as the wider economy, due to the promises to lower taxes, improve infrastructure and deregulate financial services.
“It’s all about the economy” commented McCarthy. “With uncertainty facing the world and elections coming up in France, Germany and Italy in 2017, New York will benefit as a safe haven for real estate.”
According to a survey conducted in Q4 2016 by the James A. Graaskamp Center for Real Estate, 95% of respondents believed that their level of U.S investment would either be increased or remain the same, with industrial real estate being the top choice of property types.
So it looks like New York is the leading place for foreign investment, and it could remain that way for some time.