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Property investment can be a very worthwhile addition to a diversified and well-balanced portfolio. The continuing resurgence of foreign investment into property in Manhattan is reinforcing the borough’s status as a safe haven for portfolio builders.
Our property specialists have been analysing recent data reporting that the supply of new apartments for sale in Manhattan has seen an ongoing decline for each of the last 12 months. With year-on-year figures showing a drop of 17.2% in supply for August, rising prices appear inevitable.
Manhattan did not suffer the crash seen in many other popular property investment locations in the US. Indeed, the mean property value has risen to $1.45 million, up 11.1% over 12 months. The decline in supply of new apartments has meant that asking prices have remained firm.
The inflexibility in prices is not having a detrimental effect on demand; in fact the data reveals an increase of 26.3% in contracts closed. According to steeteasy.com’s VP of research, Sofia Song “With inventory being tight everywhere and as pent up demand grows, the new development projects currently in the pipe line are becoming more and more highly anticipated”.
Infinity considers that medium term returns for property investment in Manhattan look healthy. Prices are forecast to continue the upward trend and with demand for rental property in Manhattan will remain high. Overall, the borough looks like an excellent option for those seeking investment property.
Commercial real estate in New York City is also seeing investment from a growing number of foreign investors who are more concerned with wealth protection than income.
If you are considering property investment as an addition to your portfolio, please contact us. Discuss your options with one of our experienced advisers and take advantage of our expertise, research, knowledge and contacts.
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