Normal people (even professionals) in London, Vancouver — and increasingly Brooklyn — cannot afford to get on to the property ladder. The lights are out in Mayfair and areas of Manhattan at night, as apartments purchased as part of an asset portfolio by global elites stand empty.
Chinese buyers fuel Brooklyn real estate boom World property markets have become totally disconnected from national economies
Back in 2007, when I was relocating from London to New York, I bid against a Brazilian and a German for my Brooklyn brownstone. I thought that would be the high-water mark for international buyers interested in fixer-up properties a good 45 minutes from midtown Manhattan, but I was wrong.
These days, I regularly wake to leaflets from Chinese property developers dumped on my front stoop, offering to buy homes for cash. And this even after Beijing has put various restrictions on the outflow of capital, in an attempt to prop up its currency.
Foreign money has always played a huge role in luxury property markets like Manhattan and London. While international buyers in New York tend to come and go depending on the strength of the dollar relative to their local currency, veteran appraiser Jonathan Miller, the president and chief executive of Miller Samuel, tells me that foreign buyers over the past few years have come to represent a baseline 15 per cent of the Manhattan luxury market.
What is new is that they are expanding into border neighbourhoods such as Brooklyn, where town houses typically sell for about a third of what they might in prime NYC, and the foreign money — particularly the Chinese money — is staying, regardless of how strong or weak the dollar is. “Even when the dollar began to rise in 2015, the Chinese didn’t leave — they are just moving to Brooklyn, or Houston, or other second cities, and they are buying cheaper properties with more potential upside,” says Mr Miller.
Population decrease is a negative impact on demand- prices can't" skyrocket " without demand. So you probably should give a flying.
House prices in Australia have out paced the world. Prices have skyrocket!
What are you expecting? Your delusional.
Right over your tiny head it went.
I am expecting things economically to perform here as they have always done, whereby what happens in the US land price cycle happens here about 18-24 months later, wise ass.
So the Brooklyn and Toronto headlines will be here expect it will be Brisbane and the like in the headlines.
I am expecting things economically to perform here as they have always done, whereby what happens in the US land price cycle happens here about 18-24 months later, wise ass.
So the Brooklyn and Toronto headlines will be here expect it will be Brisbane and the like in the headlines.
I am expecting things economically to perform here as they have always done, whereby what happens in the US land price cycle happens here about 18-24 months later, wise ass.
So the Brooklyn and Toronto headlines will be here expect it will be Brisbane and the like in the headlines.
Not keeping up with whats happening in the US......
So you're saying that house prices will continue to Rise in the US as GDP continues to contract...........
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