Number of investment properties in Manhattan on the rise?

It appears that the number of people buying properties in Manhattan for investment purposes or as second homes is on the increase.

According to a report in the New York Times, many of the apartments in trendy areas such as Fifth Avenue, Madison and Park Avenues are now vacant for a large amount of the year.

The publication cited figures from the American Community Survey, which is carried out by the US Census Bureau, showing that 30 per cent of the flats in this part of the city are not lived in for ten months of the year.

People have been returning to the market for a second property since the recession, when the number of those who live part-time in the city dropped considerably, the newspaper explained.

Earlier this month, the Douglas Elliman Report into the state of the Manhattan real estate market noted that the average price of an apartment in this district of New York had increased by 9.8 per cent in the second quarter of 2011, compared to the first three months of the year.

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