Foreign buyers make up one-third of Manhattan’s luxury condominium market, The New York Times reports. But not all of the Big Apple’s foreign buyers make headline-grabbing, eight-figure purchases.
In fact, most are looking for a family-friendly abode in the middle market over vanity purchases, and there is a growing number of this type of buyer.
“Driven by a complex catalog of factors in their home countries, including political instability in Brazil, weakening economies in Europe, policy shifts in Russia, and currency devaluations in China, these buyers are more conservative about what they are willing to spend,” The New York Times reports.
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