Manhattan property prices 'improving'

Residential property prices in Manhattan have almost reached their pre-recession levels, it has been claimed.

Writing for Global Property Guide, senior vice-president and director at real estate agency Brown Harris Stevens Glenn Minnick noted that house and apartment values in the New York borough experienced "modest gains" for the third consecutive quarter.

He explained that factors such as an increasing number of overseas buyers entering the market, coupled with greater interest at the top end of the scale, have helped boost the real estate sector.

Meanwhile, Mr Minnick stressed that the mortgage market in the US remains tight, commenting that many of the foreign buyers are cash-only or have arranged funds in their home country.

Earlier this month, Bloomberg reported on a study carried out by Reis, which revealed that vacancy rates across US apartments hit their lowest level in five years during the third quarter of 2011.

According to the research, vacancy levels stood at 5.6 per cent during this three-month period, while the lack of available space on the market has enabled landlords to increase rents.
 

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