New York: Always In Fashion

May 13, 2007

The national real estate market may be struggling, but Manhattan properties still remain in very high demand with the world's trendsetters. These high-end buyers work in all of the world's most glamorous cities from New York and San Francisco to Moscow and Shanghai. Roughly half of these mega-wealthy property owners are expatriates, according to the global property research firm Jones Lang LaSalle. They are largely immune to regional concerns and are flush with cash. This year has also been particularly good for bankers and traders who got huge bonuses earlier this year. All told, the demand for luxury housing in the world's top cities has far outpaced available supply, increasing prices to record levels.

Assessment: No Reason to Panic! >

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