Increased Demand For New York Luxury Real Estate

demand for luxury real estate

According to Sotheby’s International Realty’s report, demand for luxury real estate is fueling thanks to remote work. 

New York is one of the best cities to work remotely. As a result of the pandemic, demand for luxury real estate increased exponentially. According to the report, this boom depends on:

  • Low-interest rates
  • Record-high levels of inflation
  • Fat bonuses

New York was deeply affected by the pandemic. However, the city is taking back its lively lifestyle thanks to remote work. For example, multiple millionaires compete for a co-op in New York listed for $40 million. After the first stop, demand for luxury real estate in Manhattan is blooming again. Among 1,877 properties, most estates are worth $4 million, and the others $10 million.

According to Sotheby’s report, buyers are ready to buy real estate between $1.5 million to $2.5 million – doubling the previous range of $600,000/$700,000. As a result, there is a 20% increase in demand for luxury real estate. 

During the pandemic, places like Texas or Austin attracted many remote workers with convenient initiatives. Indeed, almost 319,020 residents (1.6% each year) moved away from New York State between July 2020 and July 2021. However, thanks to remote work, demand for real estate is booming again, supporting the city’s local economy. 

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