GCC investors “returning to Manhattan”
GCC investors are returning to Manhattan according to IP Global, attracted by short supply, low cost of funds and a security of ownership rights. The property firm, specialising in investment opportunities in established and emerging markets, also say units are selling an average 10% faster than in 2010, at around 79 days. “Manhattan has long […]
GCC investors are returning to Manhattan according to IP Global, attracted by short supply, low cost of funds and a security of ownership rights.
The property firm, specialising in investment opportunities in established and emerging markets, also say units are selling an average 10% faster than in 2010, at around 79 days.
“Manhattan has long been one of the most popular markets in the world for international buyers, with many of those gravitating from the GCC,” said IP Global founder and CEO, Tim Murphy.
“At present, foreign buyers make up 15% to 20% of all home sales in Manhattan,” Murphy added.
Prices in Manhatten have grown steadily over the last six quarters, despite remaining 23% lower than their 2008 peak, meaning and overall rise of 67% from 2000.
Occupancy in Manhattan currently sits at around 92%, securing rental income.
“Whilst many GCC investors chose to sit on the sidelines throughout the global crisis, they are now returning, attracted by a post crisis uptick in property values driven by short supply, low cost of funds and security of ownership rights,” Murphy concluded.
