Alongside London, New York is the destination of choice for international property investors, but where does the money come from and which sectors are most popular?
Asian money has dominated cross-border investment into New York since 2010, but Canada is the single biggest spender by country. China and Singapore are among the top five investors by country, and Asian investors as a whole spent nearly $18bn (£11.8bn) on New York real estate over the past five years, with a focus on the hotel sector and development sites.
Canada has invested $11.6bn – nearly 78% of which went into offices. Norway – the third most active investor, having spent $3.7bn in the city since 2010 – is even more office-focused, with more than 80% of its investment in the sector.
However, London still far outstrips New York, attracting $60.3bn of overseas investment since the start of 2014, compared with the Big Apple’s $24.4bn.
For more on New York investment, including interviews with real estate mogul Aby Rosen, skinny skyscraper pioneer Gary Barnett and starchitect Zaha Hadid, click here to download EG’s New York Investor Guide.
