The interest of Italian investors in NY real estate properties
The neighbourhoods Italian property buyers think are more attractive
The Italian investors’ demand for apartments in New York has increased considerably despite the crisis. Real estate agents are using virtual tools to allow potential buyers see the properties for sale before an on-site visit. Italian investors have never stopped buying in New York, but the demand has completely changed in the latest two years.
Luxury condos in the Upper Side are not as tempting as they were in the past. Buyers prefer smaller buildings in Downtown or Midtown without porter, pool or gymnasium and with low condominium expenses and therefore offering appealing rental yields. The Financial District offers advantageous investment opportunities. The market is driven by young people here, since their parents usually buy real estate properties for them.
More and more families are opting for buying a flat in New York due to the worrying European economic crisis. These families usually prefer buying in the West Village, in Soho and in the Meat Packing District. Columbia University students also choose to live in the West part as there is the subway to the University.
Italian under 40s look for apartments located in Union Square, Chelsea – that hosts art galleries in townhouses and extraordinary lofts – Gramercy Park, Nolita, Soho, Noho and Tribeca. The supply is very limited in the West Village; consequently, prices can reach 30 thousand dollars per square metre. Superior Ink is a very longed for condo, but apartments are very expensive. Apartments on the Hudson River are cheaper but very noisy.
The Financial District supplies competitive investment opportunities: many buildings have come back to the market with appealing prices and a 10-year tax abatement. Low prices are attracting investment capitals.
At Midtown, apartments cost between 12 and 13 thousand dollars per square metre, but prices can be up to 20 thousand dollars for a property overlooking Central Park.
Foreign investors play a leading role in the development of the real estate market in the United States of America. The National Association of Realtors revealed that most investors come from Canada, China and Mexico.
The government is thinking about the possibility to give a “Green Card” to overseas investors willing to invest at least 500 thousand dollars in the USA, allowing them to reside in the country for non-working purposes.
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