Canadians Buy More NYC Property Than Any Nationality in the World
Skyline image via Joey Lax-Salinas/Flickr
Talk around foreign real estate buyers in New York City has been centered around the Chinese in recent months, but as it turns out, investors from China are only the third largest nationality represented in the market. The top spot goes to our neighbors to the north, according to the Post, as Canadians have poured $15.37 billion into the city’s commercial property market over the past decade. This is almost double the $8.8 billion that came from runner up the United Arab Emirates and third-place China’s $8.1 billion.
The Post notes that the biggest Canadian investors “are pension funds, such as the Canada Pension Plan Investment Board and the Ontario Municipal Employees Retirement System… Insurers and asset managers are also big investors in projects like Hudson Yards, the biggest private real-estate development in US history.” Canada’s $15.37 billion investment is spread over 81 properties; the UAE bought 15 and China bought 30. They were followed by Israel, which invested $5.26 billion in 59 properties. According to Jim Costello, senior vice president of Real Capital Analytics (the company that released these statistics), “Canada is a big, capital-rich country with oil sands, and there are only a limited number of real-estate assets that they can trade back and forth with each other.”
[Via NYP]
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