The reasons why real estate investment in New York is gaining attention
New York, always at the center of the world
New York, always at the center of the world
There are several reasons why real estate investment in New York is gaining attention. Firstly, New York is the epicenter of finance, commerce, and culture in the United States, attracting a highly diverse population as an international hub. Consequently, the real estate demand is high, offering attractive yields for investors. Additionally, the real estate market in New York continues to grow, leading to an increase in property prices. This suggests the potential for substantial profits (capital gains) over the medium to long term. Furthermore, with numerous tourist attractions and cultural facilities, and a constant influx of visitors throughout the year, there is also a focus on real estate investment in properties such as hotels.
NYC Department of Finance Annual Property Tax Report (2018-2023)
Market and Assessmentd Value Profile , City-WIDE
Class1(1-Family 2-Family 3-Family Condominiums Vacant Land Other)
New York real estate prices that have overcome the challenges of COVID-19
While New York real estate prices experienced a temporary decline in the aftermath of the 2008 Lehman Shock and the impact of the 2020 pandemic, they have steadily recovered and show an upward trend in the long term. Due to the effects of COVID-19, the increase in remote work has led to a rise in apartment rental prices, particularly in Manhattan, and this trend has extended to the suburbs of New York, where rental prices are also soaring. Especially in Manhattan, there is an increased demand for rentals, making real estate investments in condominiums and even entire buildings highly noteworthy.
NYC Department of Finance Annual Property Tax Report (2018-2023)
Market and Assessmentd Value Profile , City-WIDE
Class1(1-Family 2-Family 3-Family Condominiums Vacant Land Other)