By Cemil Özyurt – TURKOFAMERICA - Over the past ten years we have seen many foreign buyers claiming their piece of Manhattan, though they were still a small part of the all over Manhattan real estate market. In 2016 Manhattan real estate appraisal company Miller Samuel estimated that foreign buyers made up about 15 percent of all buyers in Manhattan, though for new development, it was higher. Since 2017 there has been a rapid decline in foreign buyers. The strength of the US dollar, the US Treasury Department’s recent mandate of identity disclosure of purchasers, and restrictions on outbound investment by countries like China, and tense political climate between the US and have all effected the perceived attractiveness of Manhattan real estate for foreign buyers. According to a report by Baker McKenzie over all Chinese investment in North America has declined 83% in just two years.
- Published in Businessman