New York Real Estate Post Election Update

As 2020 draws to a close, we still face uncertain times ahead.

Despite a pandemic that paralyzed global markets and a dramatic presidential election, the U.S is demonstrating resilience and the promise of recovery in 2021. A positive outlook is buoyed by Joe Biden’s successful presidential victory, equity markets that continue to reach all-time highs and news of a promising COVID-19 vaccination. All factors shine a bright light on the horizon.

In respect to New York City real estate we are witnessing the following trends:

• Recent data signals a potential bottom in the market as we continue to observe month-over-month increases in transactional volume across all residential segments.
  
  
• Whilst the effects of the pandemic have dampened investor appetite in the short-term we are witnessing aweekly uptick in sales activity, particularly in the prime segment of the market. New York’s ‘safe haven’ status, historic resilience and underlying fundamentals continue to attract foreign investment.
  
  
• A focus on resilience has been key. In the past six months we have witnessed a strong focus on property in prime, ‘blue-chip’ locations and in full service buildings; fueled by the desire for long term income stability and capital appreciation. We expect this trend to continue.
  
  
• We predict transactional volume in the near-term to increase, as investors capitalize on a current buyers’ market and renewed confidence following the presidential election, the promising news of a vaccine and a positive economic outlook for 2021.

This Investor Update has been produced to support our clients in Asia who may be looking to purchase in the U.S in the coming months.