New York Residential Markets

New York Residential Markets
 
Outlook For New York

18 April 2016, by Paul Tostevin

What's in store for New York's prime residential markets?

 

 

 
The city is a true global powerhouse

▲ The city is a true global powerhouse

■ New York City is set to add another million residents by 2025 according to forecasts. Housing delivery at lower market levels and the renewal of more city districts will be needed to meet demand. Expect residential price growth in Queens, Jersey City and Brooklyn.

■ We anticipate future outperformance of any buildings that are distinctly ‘New York’ in style. This may include townhouses, a product in limited supply.

■ In a Savills/Wealth Briefing Survey of real estate investment intentions among wealthy individuals, New York emerged as a ‘net hold’. As a strong US dollar will weaken the purchasing power of international buyers, domestic purchasers (and coops) will become increasingly important again.

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Key Contacts

Yolande Barnes

Yolande Barnes

Director
World Research

Savills Margaret Street

+44 (0) 20 7409 8899

 

Paul Tostevin

Paul Tostevin

Associate Director
World Research

Savills Margaret Street

+44 (0) 20 7016 3883

 

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