▲ The city is a true global powerhouse
What's in store for New York's prime residential markets?
■ 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.