New Foreign Buyers in New York City

South Americans are replacing Middle East investors and Russian oligarchs as key real estate buyers in New York City, agents say.

International buyers usually account for anywhere from 10 to 15 percent of property buyers in the city, which attracts a global array of investors and second-home buyers. Even through the economic struggles of the last 18 months, Realtors reported a steady stream of international clients looking for bargains.

But the buyers have changed in recent months, a New York Times article suggests.

“Foreigners are once again buying in Manhattan, energizing the still-fragile market. In recent months, according to brokers and developers, the money has been just as likely to come from South America or Mexico as Europe or the Middle East.”