Market in Minutes: New York Prime Residential Markets

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

FIGURE 1Global prime price league

Source: Savills World Research

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