The United States opened its borders to international visitors on November 8, ending a 20-month travel ban initially instated to prevent the further spread of COVID-19. As airlines gear up for a surge in overseas customers, another industry expects a fresh influx of international business ― real estate.
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Why The Opening of The U.S. Borders May Increase Real Estate Activity In NYC
Real estate brokers in New York City anticipate the reopening of the U.S. borders will significantly impact real estate activity in the city. Realtors expect a surge in wealthy foreign buyers as international travelers can now enter the country.
Despite the challenges brought about by COVID-19, America’s housing market has remained a shining beacon of the U.S. economy. According to experts, this is precisely why so many international buyers are interested in purchasing New York real estate now.
The pandemic brought the cost of housing down, and many investors are keen to take advantage of COVID-related discounts while they are still available. This is especially true in New York, where the cost of living is high. Foreign buyers understand that the historically low rates won’t last forever, and many don’t want to waste the opportunity before rates go up again.
Consequences for the Real Estate Market In New York City
There are already signs that the industry is starting to rebound from the drop in residential sales during the pandemic. According to the Elliman Report for the second quarter of 2021, the average purchase price for an apartment in Manhattan increased by 12 percent.
The long-term consequences of the current rebound indicate that New York’s real estate market is resilient. If trends continue, NYC will likely continue to make a healthy real estate recovery, and many international buyers, particularly Europeans, will take this rare opportunity to purchase in New York.
Talk to a Real Estate Attorney in NYC Today
If you plan to buy residential or commercial property in New York City, it’s wise to speak with a seasoned real estate attorney before moving forward. At Chaves Perlowitz Luftig LLP, our extensive knowledge of the New York City real estate market and decades of experience assisting with real estate transactions, both complex and routine, means we are well-equipped to help you achieve your desired results. Call or contact us today for a free initial consultation with an accomplished real estate lawyer.
Chaves Perlowitz Luftig LLP is one of the most highly regarded real estate and estate planning firms in New York City. Our team of top-rated real estate attorneys and estate planning lawyers have extensive knowledge, resources, and connections to help you achieve your goals and plan for the future.