Foreign investors pushing up New York apartment prices

The value of apartment properties in Manhattan is currently increasing, boosted by foreign investment, according to reports.

A strong local economy and Wall Street bonuses have also played an important part in supporting this sector of US property, according to Reuters, despite the fact that sales have fallen by 14.8 per cent.

According to the Prudential Douglas Elliman Manhattan Market Overview, Manhattan apartments are currently seeing the highest number of unsold units since 1999.

The average price per square foot for apartments in Manhattan increased from $970 (£527) in the second quarter of 2005 to $1,083 (£588) this year – an 11 per cent rise.

Median sale prices in this area of US property climbed 13.5 per cent year-on-year to $880,000 (£478,000), while the average value reached a record $1,386,193 (£753,243).

"It was a little surprising how well they fared this quarter," said Jonathan Miller, author of the Prudential Douglas Elliman Manhattan Market Overview. "I wasn't expecting across-the-board records being set."

While prices increased notably, it was pointed out by Prudential Douglas Elliman that the market was no longer in a boom, unlike 2005, when sellers could name their price and properties were purchased before even being completed as demand outstripped supply.

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