Real estate prices in New York City continue upswing
THE Property market in New York City is still growing at a rapid rate. Last year saw prices improve by 18.8 per cent year on year, making the city one of the world's fastest movers worldwide in this regard.
This massive boost reflects the recovery of the US economy, with New York playing a major role as a leading global economic and financial hub, according to Plus Property Co research.
Managing director Poomipak Julmanichoti said that with a huge economy compressed into the limited land area in New York’s Manhattan borough, property prices have soared. Corcoran, New York City’s No 1 broker, recently reported that per-square-foot condominium prices as of the end of the second quarter had risen by 9 per cent compared with the year before.
While new projects have been launched at a greater rate over the past one to two years, the new supply is still not catching up to the astronomical market demand.
The latest information indicates that condominium projects in Manhattan take just three months to sell out – less than half the average US duration of seven months. This rate is indicative of a comparatively low level of supply that still struggles to fulfil demand.
As one of the world’s top metropolises, New York City is somewhat of a dream destination in terms of career and wealth opportunities.
Condominium projects available in the New York market comprise new launches and under-construction developments, resale units, and co-ops. New launches command the highest price tags, followed by resale units and co-ops.
Average per-square-foot prices across all three sub-categories stand at US$1,673, or approximately Bt630,000 per square metre – putting New York property at 1.5 to two times the price of its Bangkok equivalent.
The six key areas of Manhattan are Uptown (north of Central Park), East Side (east of Central Park), West Side (west of Central Park), Midtown (middle portion, a major commercial and media centre), Downtown (lower part of the island, between Midtown and Financial District), and Financial District & Battery Park City (the lowest part of the island, home to the headquarters of many leading companies, the New York Stock Exchange, and the World Trade Centre).
