Why Manhattan Real Estate Is So Attractive to Russians

Perhaps the fact that Moscow is the most expensive city in the world and NYC is only #22 has something to do with it? (Elizabeth Butler Cordova from Crain’s via Curbed):

For residents around the globe, the Big Apple is looking more and more like a big bargain.

On a list of the world’s most expensive cities to live in, New York City fell seven spots to No. 22, according to a cost-of-living survey from human resources consulting firm Mercer, a subsidiary of Manhattan-based Marsh & McLennan Cos.

So New York City is indeed looking cheaper and cheaper to prospective buyers across the globe.

"The decline in the ranking of all U.S. cities is due to the weakening value of the U.S. dollar against most major world currencies," said Mitch Barnes, principal at Mercer’s U.S. division. "On the bright side, the U.S. dollar’s loss of value may serve to attract globally mobile executives to business centers such as New York, Chicago and Los Angeles. The difference in cost of living can be significant, particularly for those executives with families."

No surprise either that the NY cost of living is driven primarily by the cost of housing but as other cities become more expensive, Manhattan appears to be a bargain to the foreign investor.  No surprise at all as foreign money continues to pour into New York City. 

This is one list that I’m thankful we don’t own the #1 spot!

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