One Asia Property Consultants suggest people to pay attention to Asia Property Finance condition. some says that Property and Real Estate Company in Asia search in USA PROPERTY SEARCH to invest their investment in US. Asian property investors replace Europeans in New York condo market Indian and Chinese property investors are increasingly buying real estate in New York as the number of buyers from Europe drops off, according to brokers.
Indians now account for close to 20% of all real estate sales in Manhattan and 30% of all enquiries made, according to Raphael De Niro, managing director of New York’s biggest property broking firm Prudential Douglas Elliman.
‘India and China are now replacing the buyers from Eastern Europe.
There are a number of Chinese and other Asians too,’ he confirmed and said they have been attracted by bargain prices as those for residential apartments in Manhattan have fallen by 20 to 25% from the market’s peak at the end of 2007.
Currently an apartment in Manhattan can be cheaper than a similar piece of property in sought after areas of Mumbai.
According to realty firm Brown Harris Stevens a luxury condo in Manhattan can be bought for $1.65 to $3.93 million, while a similar apartment in Mumbai could cost $3.3 to $6 million.
‘New York is now becoming what London was about 15 years ago,’ said Jaswant Lalwani, associate broker at real estate firm Corcoran Group.
He says the new enquiries for Manhattan condos mostly come from businessmen from the small and medium sized segment, since most of the top league entrepreneurs already own property in New York.
Bollywood stars and top notch businessmen are among those looking for property in the US and they are looking for high-end Central Park condominiums, according to De Niro.
According to Lalwani even if the property market falls by a further few percentage points in the near future, those buying now in New York aiming to keep the property for five to 10 years are still likely to see a considerable return on their investment.
Office Space in Asia | Increase or Decline
INTERVIEW-Aviva Investors sees recovery in Asia property markets
Wed Nov 11, 2009 6:07am IST Email | Print | Share | Single Page [-] Text [+]
* Sees opportunities in China, Japan and Australia
* Looking for 25 pct of portfolio in Asia in 10 years
By Eriko Amaha
SYDNEY, Nov 11 (Reuters) – Real estate investment firm Aviva Investors sees a recovery in Asian property markets in the next two years and is looking to boost the region’s share of its asset portfolio to 25 percent over the next five to 10 years.
The head of Asia-Pacific real estate for the arm of British insurance group Aviva Plc (AV.L: Quote, Profile, Research), Ian Hally, told Reuters in an interview there are opportunities in China, while the firm has found a partner to boost its presence in Japan and sees the Australian market stabilising.
“The markets have corrected over the last year to 18 months, which means values are lower but given the fundamentals across many Asian markets which we are interested in expect an economic recovery,” Singapore-based Hally said in a telephone interview.
“A lot of the markets across Asia, we think investment opportunities are going to be attractive in 2010 and 2011.”
Prices for office buildings in Tokyo, Sydney, Hong Kong and Singapore were more than 30 percent lower in the second quarter this year than a year ago, according to Jones Lang LaSalle. But investor interest in Asian assets is growing. In the third quarter, total commercial real estate sales in ASIA Pacific? increased to $16.5 billion, up from $11.9 billion in the second quarter, according to property research firm DTZ. “Strategically, for our clients, we would like to have around 25 percent of their real estate allocation to the Asia pacific region,” Hally said.