UAE-based real estate investors are showing interest in prime properties in Midtown Manhattan, New York, as travel restrictions relax and the urban exodus seen during the pandemic begins to reverse, says Knight Frank .
The real estate company said the number of contracts for Manhattan properties signed in October 2021 is up 43% from the same month in 2020, while new listings have been down since peaking in August 2020.
After four years of falling prices, annual price growth is expected to reach 5% in 2022, which is Manhattan’s highest growth rate in seven years, Knight Frank said.
“With many foreign buyers unable to make it to the United States since the start of the pandemic, domestic buyers have been the main buyers of real estate in New York for the past 18 months,” said Georgina Atkinson, Partner at Knight Frank.
“However, what we are now starting to see is the return of international buyers in particular and an increase in direct inquiries from UAE-based customers looking to buy in New York City, specifically in the core Midtown neighborhood. “
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
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