Tuesday, March 11, 2008
NEW YORK - Companies from overseas has begun to spend nearly $4,000 a month for their employees to provide temporary corporate housing in New York. Now many foreign companies are purchasing high end Manhattan condominium apartments and taking on the role of landlords by themselves. Companies from Asia and Europe say that; the strategy makes perfect sense because of the flourishing Manhattan real estate market and the favorable exchange rates. The New York real estate market has been very strong for many years, despite the chaos around the rest of the country. According to the Real Estate Board of New York, the average price of a home in Manhattan was $1.26 million in 2007, up 11 percent from the previous year. Now foreigners have begun to purchase nearly twice as much property in New York as they were two years ago.
posted by nisha
@ 4:33 AM
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