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Manhattan Apartment Sales Up in Q2 over Q1

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Manhattan Apartment Sales Up in Q2 over Q1

By - Tuesday 05 July 2011

Sales volumes of Manhattan apartments rose in the second quarter of the year compared to the first three months of 2011, new figures show. The Prudential Douglas Elliman Report found that the number of sales in this category of real estate increased by 10.7 per cent during this period.

However, this is still significantly lower than during the same quarter of 2010, with a year-on-year drop of 30.7 per cent recorded. The organisation largely attributed the fall to the expiration of the federal home buyer tax in April last year.

But while the volume of transactions may have declined compared to the second quarter of 2010, the average value of properties in this sector rose by 1.6 per cent in the 12 months to June - and registered an increase of 9.3 per cent over January to March this year. Manhattan could become a target for property investments among those looking for stable locations.

Author of the report Jonathan Miller told Reuters that the New York district is "one of the better markets in the country, along with DC". Meanwhile, chief executive officer at Corcoran Pam Liebman stated that international buyers are increasingly being attracted to apartments in the city.

Speaking to the news provider, Ms Liebman commented that such investors "are starting to think that now is a good time to jump on these trophy apartments". She added that the majority of those with capital to plough into the real estate sector are from Asia, Russia and Brazil.

However, the rest of the US housing market may not be in such a good state. Figures published by the National Association of Realtors last month revealed that existing home sales around the country fell in May compared to April. The organisation noted that financing issues are weighing the market down with buyers struggling to access credit for home purchases.
 

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