Market in Minutes: 

New York Prime Residential Markets

New York Prime Residential Markets
New York Prime Residential Markets

18 April 2016, by Paul Tostevin

A global powerhouse, domestic and international wealth has fuelled the expansion of New York’s prime residential real estate markets

New York is one of the most diverse, globally connected and high performing cities in the world. Alongside London, it stands apart from any other city as a true global powerhouse.

A world leader in financial services, technology and media, New York hosts a large number of global company headquarters, is an important center of education and a tourism destination.

 

The sheer diversity of factors in the city’s success make New York’s residential real estate highly sought-after, from the international wealthy seeking a foothold in a global city through to local young families realizing the appeal of urban living.

Strong occupier demand and limited supply has pushed up prices so affordability is a growing issue for many.

Although costly by US standards, prime New York residential real estate is still relatively good value by global levels (Figure 1). Prime prices are 35% less than London and 61% below Hong Kong, but rising, increasing by 42% from $1,200psft in 2008 to $1,700psft in 2015.

FIGURE 1

Global prime price league

 
Figure 1

Source: Savills World Research

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Key contacts

Paul Tostevin

Paul Tostevin

Associate Director
World Research

Savills Margaret Street

+44 (0) 20 7016 3883

 

Yolande Barnes

Yolande Barnes

Director
World Research

Savills Margaret Street

+44 (0) 20 7409 8899

 

Hugo Thistlethwayte

Hugo Thistlethwayte

Head of
International Residential (Operations)

Savills Margaret Street

+44 (0) 20 7409 8876

 

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