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For Estate Planning, Estate Administration And Disputes

Foreigners are buying up real estate in NYC

On Behalf of | Jun 8, 2020 | Real Estate Law |

People all across the world dream of waking up in New York City. For some people, a vacation or business trip might suffice. For more than 8 million others, New York City is home. The longer people live in New York City, however, the more they come to realize that there are many unoccupied homes around them that are not on the market.

Foreigners from all around the world now own homes in the Big Apple as well as other major North American cities. As one New York Times article noted in 2017, an oligarch might very well own that apartment next door.

Bought unseen

The article explains that many of the luxury apartments in America and the rest of the world often go up for sale and disappear into the hands of anonymous buyers. Many of these buyers might not even visit the property in person before making an offer and closing the deal. The nationalities pointed out by the article include Brazilians, Russians and Chinese.

Interest in New York

Not surprisingly, CNBC named New York as one of the world’s most high-cost real estate markets. It, too, pointed to China and Europe as sources of foreign investment in the market. The Middle East also made the list. CNBC believes that, at this point, only London rivals New York when it comes to foreign investment in the real estate market.

It is important to note that the articles do not mean immigrants who move to New York City to start a new life. It speaks to absentee buyers and non-residents. One major concern people have regarding these buying arrangements is that they contribute to the scarcity of homes. For foreigners who wish to invest in properties they can rent on a long-term or even short-term basis, however, the opportunities are endless.