Real estate prices are falling in Manhattan

Real estate in Manhattan: "Now New York is making a big comeback"

The California couple didn't hesitate. The deal is too tempting for that. 140 square feet in the heart of New York, just a few minutes' walk from Central Park. Three marble bathrooms, rooftop terrace, views of the Hudson River. And all of this is available for $ 2.9 million, with a discount of almost ten percent.

The couple buy without visiting the apartment on site - a WhatsApp video, streamed live over a distance of 4,500 kilometers, is enough for them.

New York's economy is suffering from the pandemic and unemployment is high. But largely unnoticed by the public, one industry has started to boom: the real estate industry. "Things are going as well as seldom before," says broker Sebastian Steinau to WELT, "a golden age has dawned."

Low interest rates are contributing to the rally

Steinau, 42 years old, from the Sauerland, leads dozens of people through New York apartments on their mobile phones every month - most recently the couple from California. He works for Corcoran, one of the largest real estate companies in the city.

In February of this year, data from Corcoran show, 41 percent more sales contracts were signed than in February 2020, just before America went into lockdown. One reason for this: New York, the place of longing for the super-rich, has become more affordable.

In Manhattan, for example, the median price for apartments is currently $ 1.35 million, down 6.2 percent from the previous year.