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SG New York property attracting more Singaporeans

Property Here - Thursday, September 05, 2013

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The number of Singaporeans searching for New York property jumped during the first half of 2013, with enquiries from the city-state ranked in third place globally by new research from Knight Frank.

Only Brazil and France saw a greater increase in searches for property in the Big Apple according to the latest US Insight market report from the global real estate agency.

International buyers now account for around one third of property sales above US$3 million in the New York market - but the figure is closer to 50 percent in the equivalent new homes market.

The median price of luxury condominiums in New York rose by 8.2 percent during the first half of 2013, the report noted. Miami continues to record strong price growth, attracting demand from New York professionals as well as South American and European investors.

“The U.S. economy provides a mixed picture,” the report concluded.

“Four years since it was announced that the recession was over GDP growth stands at 1.8 percent, unemployment is hovering around 8 percent and wages are struggling to rise above inflation. Despite this, mainstream house prices in the U.S. are now 9.3 percent higher than a year ago and new home sales are at their highest level for five years.

“Foreclosures are still high in historic terms and mortgage lending has yet to pick up - but there are pockets of strong growth.”



Andrew Batt
, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg