Week after week we have been seeing the Luxury Market in Manhattan boom. October alone broke records, and we hadn’t yet experienced the international borders opening. Now, with buyers from abroad, the numbers are only going up and the luxury market has seen its highest performing weeks since December 2013.
After an unprecedented 21-month pandemic border closure to foreign visitors, the White House announced that US borders would now be re-opened to fully vaccinated international visitors beginning November 8th.
During the closure, the purchase of US Real Estate by buyers from abroad dropped by 31%. With the re-open, New Yorkers and domestic buyers will now be competing with a new pool of purchasers, ultimately leading to more record-breaking numbers.
The first week alone of borders re-opening resulted in over 60 contracts signed on properties $4M and above. The total sales volume surpassed half a billion dollars ($553,869,000 to be exact) and was recorded as the market’s strongest performance since the week of December 16-22, 2013.