Bloomberg – The luxury housing market in Manhattan is nearing the end of its best year ever.
This year, 1,877 contracts were signed worth $4 million or more, the highest amount recorded according to records dating back to 2006, Brokerage firm Olshan Realty Inc. Wednesday in a report. The number represents nearly three times the number of operations carried out in 2020 and double the number of operations executed in 2019.
Olshan data showed that total contracts and a dollar value of $15.9 billion were nearly 30% higher than the best years to date, recorded between 2013 and 2015.
Shopping in this New York town has also become more generous, as buyers have sought more space to work from home during the pandemic, and the average size of luxury apartments in 2020 and 2021 was 269 square metres.5% higher than in the previous seven years.
This represents a radical change for a market that has been struggling under a mountain of unsold real estate. With the advent of vaccines, New Yorkers who fled the city during the end of 2020 returned in droves, “because of lower prices, lower interest rates, a higher stock market and the belief that New York will recover.Donna Olchan, president of the real estate brokerage firm, said in the report.
Olshan said the rapid spread of the omicron variant is the biggest hurdle for the market right now, making it difficult to assess whether 2022 will be another boom year.
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