Chinese investors replace Russians as biggest Manhattan property buyers

Chinese buyers are dominating Manhattan’s property market, with a trend for owning apartments in buildings such as One57, above

There has been a rise in the number of Chinese investors snapping up apartments in New York after finding they can get more for their money in Manhattan than Shanghai or Hong Kong.

Russians used to dominate the property market in the city, but their interest has dropped since the crisis in Ukraine and the increasing threat of sanctions.

The number of buyers from China is nearly a fifth higher than it was this time last year, with many signing deals on properties they haven’t even viewed in person.

One of the driving forces behind the increased interest in the Manhattan property market is that investors find they get more square footage for their money.

In previously popular markets for Chinese, such as Hong Kong, buyers expect to pay between $4,100 to $5,000 per square foot. But in Manhattan it is nearer $2,100…

See also Reuters article:

The brokers say that many Chinese buyers are also investing abroad so they can own property near major educational institutions. Some are buying homes near top colleges — even though their children are so little they can’t walk yet. More than 80% of wealthy Chinese want to send their children overseas to school, according to the Hurun Report, a Shanghai-based publication.