International buyers moving to Manhattan

The New York real estate market has benefited from a number of foreign buyers moving into the city.

Buyers from Eastern Europe and East Asia have been especially active in the region, moving into properties that they can find for half the cost of a similarly sized home in big cities abroad, like London, reported the Wall Street Journal. Foreign buyers are also drawn to moving to New York City because of the relatively stable American political climate and the encouraging rate of exchange they can find on their money, said the report. Foreign investors are even getting in on the action, buying up large amounts of commercial property.

"When you're looking at prices in comparison to London for both commercial and residential, you're seeing a significant discount here in New York of, in some cases, 50 percent," Edward Mermelstein, an international real estate attorney, told the Journal. The report added that other major markets, like Miami, have also experienced an influx of moving foreigners.

A number of recent residential purchases from foreign buyers serve as examples of increased international relocation. This summer, the world's richest man, Mexico's Carlos Slim, purchased a Manhattan mansion for $44 million.
 

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