Manhattan sales surge as foreign investor interest spikes

Foreign investors are targeting Manhattan Island as sales surged in the third quarter.

A report by Prudential Douglas Elliman revealed that there were 3,106 sales in Manhattan from July to September … up 17.2% on the second quarter and 16.7% up year-on-year.

Manhattan loft sales rose dramatically by 38.9% year on year, while condominium sales also spiked 33.4% compared to the same three-month period last year.

And Jonathan Miller, president and chief executive of real estate consultant Miller Samuel Inc., said that overseas buyers looking for bargains are driving the surge.

Source: OPP.org.uk