The luxury real estate frenzy in New York that drove investors to purchase hundred million dollar condos appears to have run its course. New York Times staffer Michelle Higgins takes a look at the decline of this segment of the luxury market caused by such factors as Chinese restrictions on capital outflow, Brexit, and others.
While New York is one of the markets where investors have pulled back, it is not the only market experiencing trouble:
New York is not alone. After the global financial crisis hit in 2008, investors turned to high-end real estate around the world as a safe place to park their millions. But since the middle of 2014, prime property values have dropped in Paris, Singapore, London, Moscow and Dubai, said Yolande Barnes, director of world research at Savills, a global real estate firm.