Everyone wants bite of big apple

With domestic demand for New York property having fallen considerably, a growing number of property agents and developers are relying on continued strong international demand for homes in the Big Apple, reports the International Herald Tribune...

The global edition of the New York Times refers to the case study of the W NY Downtown Hotel & Residence, in which a significant 74 per cent of the buyers in the project, so far, are foreign.

And while this may not be surprising, given that the U.S. economy is in turmoil, eyebrows might be raised by the fact that 41 per cent are from Korea, 10 per cent from the United Arab Emirates and eight per cent from Italy, according to a project Spokesman.

The greatest proportion of overseas buyers in New York City traditionally comes from Russia and Britain.

Source: www.homesoverseas.co.uk