Are Foreign Buyers Returning?

David Goldsmith

All Powerful Moderator
Staff member
The country has just opened back up and from all reports we are about to experience a giant wave of pent up COVID demand for trips to NYC and elsewhere throughout the US. But as buyers of NYC properties we had seen a huge dip in foreign buying well before the pandemic halted travel. What level of these purchases do you think we will return to?



“Brace yourselves”: Residential agents prepare for return of foreign buyers​

Miami and New York agents expect deluge of deals from abroad​

The gates are opening, and residential agents in major U.S. markets such as New York and Miami are preparing for a resurgence of foreign buyers.
Prospective buyers who have been sitting on the sidelines since the pandemic began last year are setting up appointments with their agents in the U.S. now that the travel ban has been lifted on Monday for 33 countries, including some in the European Union, the United Kingdom, China, Canada, Mexico, Brazil and India.
Foreign purchases of U.S. homes plummeted from April 2020 to March 2021, according to the National Association of Realtors, down 27 percent to $54.4 billion, compared to the previous year.
While those buyers were absent, housing prices skyrocketed and inventory fell to record lows in some cities.

Broker Enzo Rosani, a partner with Barnes International in Miami who works primarily with European clients, said his buyers are coming to South Florida “all at once” now that the ban has lifted. He’s been preparing for them by finding them short-term rentals and setting up showings and appointments at sales centers. His clients are looking at condos priced from about $700,000 to $2 million and up.
Supply is a problem, especially as Miami enters its high season. In South Florida, single-family home sales have soared over the past year and a half, with many locals now priced out of the market and opting for condos.
“The market is super intense and inventory is low,” Rosani said, citing a heightening of bidding wars. He’s been setting up as many showings as possible to give his clients options. “Europeans hate [bidding wars]. As soon as they feel rushed, it’s a turnoff.”
Craig Studnicky, broker and CEO of International Sales Group in South Florida, said “every single Realtor” in the region has been hearing from their international clients, particularly from Canada, Colombia and Peru.
“I think they’re going to be mostly disappointed with the lack of supply of houses,” Studnicky said. “There’s just not that much to buy, so they’re going to be highly frustrated with that reality. But there are condos to buy.”
Brokers have also been traveling outside the U.S. to showcase new condo developments.

Edgardo Defortuna, president and CEO of the Miami-based brokerage and development firm Fortune International Group, said his agents have been traveling to promote preconstruction projects in Mexico, Chile, Argentina and Peru.
Foreigners immediately began booking their flights to major U.S. cities when the White House announced the Covid-19 border restrictions for fully vaccinated international visitors would be lifted Nov. 8.
Brown Harris Stevens broker Martha Kramer noticed her phone buzzing with notifications, her clients abroad telling her they were eager to set up appointments to view New York City listings in person.
“These are people who are used to traveling, who are not used to being told you cannot travel to XYZ,” Kramer said. She likened the last year and a half, for them, to being in a prison.
While some travel exemptions allowed visitors to the U.S., many clients like hers had gone nearly two years without physically touring listings, opting instead to make deals virtually, sight unseen.
That was especially the case for those looking to lock down purchases of primary residences, some brokers said. Yet, when it came to investment properties and pieds-à-terre, buyers preferred to wait. With border restrictions now lifted, it’s expected that those buyers will be making major money moves.

Charlie Attias, a top broker at Compass in New York City, started prepping months ago for the wave of buyers he’s expecting. The appointments he has lined up are unheard of at this time of year, when the sales market in the city usually slows amid the holiday season. Several of his clients are coming to view listings between Christmas and New Year’s.
The arrival of international buyers comes as the Manhattan residential sales market is on fire, with the third quarter the busiest in decades. Though activity accelerated, supply remained higher than usual, so prices held steady.
Stan Ponte, Sotheby’s International Realty’s senior global real estate advisor in New York, called the return of foreign buyers the “perfect puzzle piece” that could change that. They could soak up inventory and put pressure on prices to drive them upward.
While he doesn’t have dozens of appointments scheduled in the next few weeks, the number (which he declined to specify) is enough for him to say that the influx is only beginning.
“We know it’s happening, and we’re ahead of it,” Ponte said. “Every article is talking about the overall economic impact of foreign travel. When those things are happening, real estate happens.”

Status quo​

Some brokers, on the other hand, suggested that the lift in travel restrictions wouldn’t change the fact that many serious buyers were already OK with purchasing homes virtually, said Hala Adra, a broker in one of Compass’ D.C. offices. Ongoing visa backlogs are also an issue of concern, Hala said, adding that some clients had visa appointments delayed until 2022.

“For me, Nov. 8 is [just] a date,” Adra said. “We’re still going to see a delay of international people coming physically here, unless they’re here on a student visa, or it’s facilitated by the international organization they work for here. If they’re coming on their own, the schedule for the appointment at their local embassy is delayed.”
In Los Angeles, brokers aren’t expecting a massive wave of international buyers, but are expecting activity to pick up — especially in the ultra-luxury market.
Unlike New York and Miami, the L.A. market hasn’t been affected by a major loss of international buyers over the last few years, given that most real estate is snapped up by domestic clients, said Compass broker Ari Afshar.

Afshar said he’s been talking with international brokerages, but has had “mixed signals” in expected U.S. buying activity.
“I think it’ll be a wait and see,” he said.
Stephen Shapiro, who leads L.A. luxury brokerage Westside Estates Agency, said he’s not expecting a massive influx of buyers, as his clients have always mostly been from the U.S.
“We focus on local buyers,” he said. “When an international buyer does come in, we’re prepared to service them.”
Los Angeles has never experienced the same share of international buyers as New York or Miami, brokers agreed. Eastern time is generally preferable for both Asian and European buyers, and South American investors have tended to gravitate toward Miami.
Still, ultra high-net-worth buyers from abroad have historically flocked to L.A. neighborhoods like Beverly Hills, Holmby Hills and Brentwood, and international buyers could return to that high-end housing market.
Some brokers have already seen an increase in activity. Douglas Elliman has had high-net-worth buyers from Russia and Japan express interest in high-end properties in these neighborhoods, according to Stephen Kotler, who leads the brokerage’s West Coast operations.

Compass broker Carl Gambino, who also operates in New York and Miami, agreed. He expects international buyers will start to swarm L.A.’s ultra-luxury market this month.
While many foreign buyers weren’t able to travel to the U.S. since last March, domestic buyers took over, especially in states that include Florida and Texas. That could now change.
“We have had essentially an American market for the past five, six years. It has been red, white and blue all the way,” said Dora Puig, a top luxury broker in Miami Beach. “I just think we’re going to get a tsunami of foreigners coming to the market. I told my team, ‘brace yourselves.’”
 

Noah Rosenblatt

Talking Manhattan on UrbanDigs.com
Staff member
The country has just opened back up and from all reports we are about to experience a giant wave of pent up COVID demand for trips to NYC and elsewhere throughout the US. But as buyers of NYC properties we had seen a huge dip in foreign buying well before the pandemic halted travel. What level of these purchases do you think we will return to?



“Brace yourselves”: Residential agents prepare for return of foreign buyers​

Miami and New York agents expect deluge of deals from abroad​

The gates are opening, and residential agents in major U.S. markets such as New York and Miami are preparing for a resurgence of foreign buyers.
Prospective buyers who have been sitting on the sidelines since the pandemic began last year are setting up appointments with their agents in the U.S. now that the travel ban has been lifted on Monday for 33 countries, including some in the European Union, the United Kingdom, China, Canada, Mexico, Brazil and India.
Foreign purchases of U.S. homes plummeted from April 2020 to March 2021, according to the National Association of Realtors, down 27 percent to $54.4 billion, compared to the previous year.
While those buyers were absent, housing prices skyrocketed and inventory fell to record lows in some cities.

Broker Enzo Rosani, a partner with Barnes International in Miami who works primarily with European clients, said his buyers are coming to South Florida “all at once” now that the ban has lifted. He’s been preparing for them by finding them short-term rentals and setting up showings and appointments at sales centers. His clients are looking at condos priced from about $700,000 to $2 million and up.
Supply is a problem, especially as Miami enters its high season. In South Florida, single-family home sales have soared over the past year and a half, with many locals now priced out of the market and opting for condos.
“The market is super intense and inventory is low,” Rosani said, citing a heightening of bidding wars. He’s been setting up as many showings as possible to give his clients options. “Europeans hate [bidding wars]. As soon as they feel rushed, it’s a turnoff.”
Craig Studnicky, broker and CEO of International Sales Group in South Florida, said “every single Realtor” in the region has been hearing from their international clients, particularly from Canada, Colombia and Peru.
“I think they’re going to be mostly disappointed with the lack of supply of houses,” Studnicky said. “There’s just not that much to buy, so they’re going to be highly frustrated with that reality. But there are condos to buy.”
Brokers have also been traveling outside the U.S. to showcase new condo developments.

Edgardo Defortuna, president and CEO of the Miami-based brokerage and development firm Fortune International Group, said his agents have been traveling to promote preconstruction projects in Mexico, Chile, Argentina and Peru.
Foreigners immediately began booking their flights to major U.S. cities when the White House announced the Covid-19 border restrictions for fully vaccinated international visitors would be lifted Nov. 8.
Brown Harris Stevens broker Martha Kramer noticed her phone buzzing with notifications, her clients abroad telling her they were eager to set up appointments to view New York City listings in person.
“These are people who are used to traveling, who are not used to being told you cannot travel to XYZ,” Kramer said. She likened the last year and a half, for them, to being in a prison.
While some travel exemptions allowed visitors to the U.S., many clients like hers had gone nearly two years without physically touring listings, opting instead to make deals virtually, sight unseen.
That was especially the case for those looking to lock down purchases of primary residences, some brokers said. Yet, when it came to investment properties and pieds-à-terre, buyers preferred to wait. With border restrictions now lifted, it’s expected that those buyers will be making major money moves.

Charlie Attias, a top broker at Compass in New York City, started prepping months ago for the wave of buyers he’s expecting. The appointments he has lined up are unheard of at this time of year, when the sales market in the city usually slows amid the holiday season. Several of his clients are coming to view listings between Christmas and New Year’s.
The arrival of international buyers comes as the Manhattan residential sales market is on fire, with the third quarter the busiest in decades. Though activity accelerated, supply remained higher than usual, so prices held steady.
Stan Ponte, Sotheby’s International Realty’s senior global real estate advisor in New York, called the return of foreign buyers the “perfect puzzle piece” that could change that. They could soak up inventory and put pressure on prices to drive them upward.
While he doesn’t have dozens of appointments scheduled in the next few weeks, the number (which he declined to specify) is enough for him to say that the influx is only beginning.
“We know it’s happening, and we’re ahead of it,” Ponte said. “Every article is talking about the overall economic impact of foreign travel. When those things are happening, real estate happens.”

Status quo​

Some brokers, on the other hand, suggested that the lift in travel restrictions wouldn’t change the fact that many serious buyers were already OK with purchasing homes virtually, said Hala Adra, a broker in one of Compass’ D.C. offices. Ongoing visa backlogs are also an issue of concern, Hala said, adding that some clients had visa appointments delayed until 2022.

“For me, Nov. 8 is [just] a date,” Adra said. “We’re still going to see a delay of international people coming physically here, unless they’re here on a student visa, or it’s facilitated by the international organization they work for here. If they’re coming on their own, the schedule for the appointment at their local embassy is delayed.”
In Los Angeles, brokers aren’t expecting a massive wave of international buyers, but are expecting activity to pick up — especially in the ultra-luxury market.
Unlike New York and Miami, the L.A. market hasn’t been affected by a major loss of international buyers over the last few years, given that most real estate is snapped up by domestic clients, said Compass broker Ari Afshar.

Afshar said he’s been talking with international brokerages, but has had “mixed signals” in expected U.S. buying activity.
“I think it’ll be a wait and see,” he said.
Stephen Shapiro, who leads L.A. luxury brokerage Westside Estates Agency, said he’s not expecting a massive influx of buyers, as his clients have always mostly been from the U.S.
“We focus on local buyers,” he said. “When an international buyer does come in, we’re prepared to service them.”
Los Angeles has never experienced the same share of international buyers as New York or Miami, brokers agreed. Eastern time is generally preferable for both Asian and European buyers, and South American investors have tended to gravitate toward Miami.
Still, ultra high-net-worth buyers from abroad have historically flocked to L.A. neighborhoods like Beverly Hills, Holmby Hills and Brentwood, and international buyers could return to that high-end housing market.
Some brokers have already seen an increase in activity. Douglas Elliman has had high-net-worth buyers from Russia and Japan express interest in high-end properties in these neighborhoods, according to Stephen Kotler, who leads the brokerage’s West Coast operations.

Compass broker Carl Gambino, who also operates in New York and Miami, agreed. He expects international buyers will start to swarm L.A.’s ultra-luxury market this month.
While many foreign buyers weren’t able to travel to the U.S. since last March, domestic buyers took over, especially in states that include Florida and Texas. That could now change.
“We have had essentially an American market for the past five, six years. It has been red, white and blue all the way,” said Dora Puig, a top luxury broker in Miami Beach. “I just think we’re going to get a tsunami of foreigners coming to the market. I told my team, ‘brace yourselves.’”
Only hearing anecdtoally that foreign buyers are more interested in our markets. I do think this will change over time in a positive way
 

nicolebeauchamp

Well-known member
I started to get calls when the announcement of the opening was made, this announcement also spurred some domestic clients into action. I’m wrapping up with a client from overseas now,and have a few others scheduled to come in the next 6 to 8 weeks.
 

Noah Rosenblatt

Talking Manhattan on UrbanDigs.com
Staff member
I started to get calls when the announcement of the opening was made, this announcement also spurred some domestic clients into action. I’m wrapping up with a client from overseas now,and have a few others scheduled to come in the next 6 to 8 weeks.
This is great to hear! I am also hearing more and more stories siimilar to this from other agents. I think this force alone will be a nice boost to to our buyer pool as the years go on
 

nicolebeauchamp

Well-known member
This is great to hear! I am also hearing more and more stories siimilar to this from other agents. I think this force alone will be a nice boost to to our buyer pool as the years go on
Writing an offer for the clients that were here this last week, and have some coming in at the end of month and throughout December .....and some are putting time on calendar for January as well.
 

David Goldsmith

All Powerful Moderator
Staff member
It seems as if the likelihood of Chinese and Russian buyers returning to the market is decreasing.

China bans government elites from holding overseas real estate assets​

That’s what Xi said.
The Communist Party in China is banning its key members and their families from holding real estate assets abroad in a move it hopes will help insulate the government from potential sanctions by other countries.

The Wall Street Journal is reporting a notice sent out by the party’s Central Organization Authority “prohibits spouses and children of ministerial-level officials from holding — directly or indirectly — any real estate abroad or shares in entities registered overseas.”
Those officials and their families would also be barred from creating accounts with overseas financial institutions unless they had immediate business in the area, such as schooling or work, according to the report.

It is unclear if the rules, issued last March, are retroactive, but some officials have already sold off shares they owned in overseas companies to comply.
The new rules come as the United States and other Western countries have used sanctions targeting the funds of Russian officials, business people and oligarchs in order to punish leadership in Moscow for its attack on neighboring Ukraine. It is believed the ban was put in place to minimize the political risk should such sanctions be pointed toward China.
“Leading cadres, especially senior cadres, must pay attention to family discipline and ethics,” Xi reportedly told the party’s top disciplinary agency in January, adding that his officials should “lead by example in managing their spouses and children properly, being a dutiful person and doing things in a clean way.”

Officials are now being told to sign pledges proclaiming they are abiding by the new rules.
Xi has long claimed to be fighting corruption and appearances of misdeeds by public officials in China through such campaigns as one in 2014 that went after 3,200 so-called “naked officials” who had relocated children and spouses abroad and hoarded assets overseas.
China does not prohibit citizens of the country from investing in offshore firms or even setting up their own, according to the report.
 
Foreign Buyers are still not really back. There are a few here and there, but they can't compete in what was a hot market in NYC (and Miami, where I also sell). With the Mainland Chinese and Hong Kong quarantine requirements being so onerous, people really don't want to make the trip to the US and go back to China and spend 21 days in quarantine. God help you if you return and test positive for covid (or have been exposed to someone with it), you go into a government facility. The Euro at $1.06 to the dollar and approaching parity. While some Europeans want to get the money out because of Ukraine, most think this whole thing will pass soon. The Brazilian Real is still at record lows at close to 5:1. And the Turkish Lira has plummeted. Unless these foreigners already have USD, their low currency values are a disincentive to buy in the US.
 

David Goldsmith

All Powerful Moderator
Staff member
Between this, where we came from, rising rates, removal of fed liquidity, wealth destruction... Gonna be an interesting year in re
Apartments to be combined went into contract in 7 days back in November asking $4,550,000.

Same units already combined one floor higher (top floor) drops asking price to $4,000,000.
 

David Goldsmith

All Powerful Moderator
Staff member

Foreign buyers remain absent from U.S. housing market​

Spending rose last year due to high prices, but travel restrictions dragged share of purchases to new low​

The share of U.S. homes purchased by foreign nationals — a potentially critical pool of buyers as rising interest rates threaten to slow domestic spending — has tumbled to a more than twelve-year low.
Foreign nationals bought 98,600 properties from April 2021 through March 2022, according to the National Association of Realtors, an annual decrease of 8 percent and the lowest since the NAR began tracking such purchases in 2009.

High home prices meant foreign buyers spent slightly more in aggregate — $59 billion, compared to $54.4 billion from April 2020 to March 2021 — but their share of the overall dollars spent on U.S. homes declined to 2.6 percent, down from 2.8 percent the year before and 10 percent in 2017.

“For the second year in a row, restrictions and general caution tied to international travel during the pandemic slowed home buying by wealthier foreign buyers,” said NAR Chief Economist Lawrence Yun. “Even so, domestic home buying demand was exceptional and, therefore, boosted home sales nationally.”

The report is based on an online survey of NAR members that garnered just under 9,400 responses. The findings reflect a well-documented trend in the real estate market: Home prices soared in 2021 across the country as supply fell and demand intensified.

The average home sold for $374,300 during the same period, a 10 percent annual increase, and foreign buyers generally skewed toward the higher end of the market, spending an average $598,200.
“Affordability challenges along with the inability to find the right property were the top reasons given for prospective international buyers who showed interest but ultimately did not purchase a home in the United States,” said Yun.

Florida remained the top destination for foreign buyers for the 14th year in a row, accounting for 24 percent of all purchases. California ranked second, followed by Texas, Arizona and New York and North Carolina, which tied for fifth.
Buyers from China and Canada remained first and second in dollar volume at $6.1 billion and $5.5 billion, respectively, for the ninth year in a row. Buyers from India, Mexico and Brazil rounded out the top five.

Some 44 percent of foreign purchases were all-cash transactions, compared to 24 percent of overall existing-home sales, something that could prove crucial in the year ahead as interest-rate sensitivity curtails demand.
“Due to rising interest rates, overall home sales will decline in the U.S. this year. Foreign buyers, however, are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates,” Yun said. “In addition, international flights have increased in recent months with the lifting of pandemic-related travel restrictions.”
 

David Goldsmith

All Powerful Moderator
Staff member

EB-5 groups settle lawsuits, allow program to permanently restart​

The on again, off again storyline is back on​

The federal EB-5 program is back in business.
Two major lawsuits brought by industry groups reached a settlement with the United States Citizenship and Immigration Services, which will allow existing regional centers — a key piece of the EB-5 program — to permanently operate again.
The rise from the ashes storyline is a familiar one for a program once referred to as the “crack-cocaine” of real estate financing.
Last Summer, Congress failed to reach an agreement to reauthorize the regional center program. The stalemate all but killed EB-5 since regional centers act as the middleman between foreign investors and American businesses, including real estate projects. Under the program rules, foreign investors are able to obtain a green card by investing in American enterprises and creating jobs.
In March, Congressional legislators were finally able to strike a deal to reauthorize the regional center initiative. The agreement resolved long-held concerns by Sen. Chuck Grassley and Sen. Patrick Leahy over fraud and abuse. Under the deal, the minimum investment amount increased to $800,000 from $500,000 in high unemployment regions. Other areas require a minimum investment of $1.05 million.
The bipartisan legislation was a relief to the EB-5 industry since it inked permanent legislation after the program was consistently being approved on a short-term basis.
But that relief was short-lived.
The USCIS, the federal arm overseeing the program, said that the act deauthorized previously approved regional centers. This resulted in the deauthorization of about 600 existing EB-5 centers and required them to submit a new application, Form I-956, to be authorized. It also left EB-5 investors in limbo.
EB-5 groups sued and a federal judge in California allowed existing regional centers to continue to operate while the litigation continued.
The settlement between the USCIS and EB-5 groups now allows for regional centers to keep their authorization.
“This settlement with USCIS puts a positive end to the effort to rightfully bring back the regional center program. We have succeeded in putting the Regional Center program on stable ground for the first time in a decade,” said Colin Behring, who leads the Behring Regional Center, which was one of the plaintiffs in a lawsuit against the USCIS.
Developers flocked to the EB-5 program for cheap financing after the financial crisis. But over the past few years interest has waned in part because of the program’s issues, but also because traditional financing has become more available.
wealth fund, U.S. REIT splurge on suburban office properties
 

David Goldsmith

All Powerful Moderator
Staff member

NYC brokers eye long-awaited return of international buyers​

Brokers catering to foreign investors say they're gearing up
[IMG alt="From left: Compass' Charlie Attias, Sotheby's Nikki Field, and Leven's Philip Hordijk
(Photo-illustration by Paul Dilakian/The Real Deal)"]https://therealdeal.com/wp-content/uploads/2023/05/International-Buyers-feature-300x213.jpg[/IMG]
From left: Compass' Charlie Attias, Sotheby's Nikki Field, and Leven's Philip Hordijk (Photo-illustration by Paul Dilakian/The Real Deal)
MAY 1, 2023, 7:00 AM
By
Nikki Field says a long-awaited tide of international buyers is once again driving momentum behind Manhattan’s residential market.
The broker, who heads The Field Team at Sotheby’s International, said a stream of foreign buyers bolstered her business in the second half of 2022 and into the first few months of this year, as skyrocketing mortgage rates slowed domestic activity in the city.

“The big, huge, massive advantage to Manhattan real estate in the third and fourth quarter is that international buyers started coming back,” Field said. “We know through all of our market crises in the past, historically, the international buyer is our savior.”
Securing clients from other countries is big business in New York, but some firms and teams — armed with dedicated regional specialists, diverse language skills and cultural knowledge — are uniquely positioned to rise above the fray.

Market observers have kept an eye out since the onset of the pandemic for the return of international buyers. Investment from the slice of the market had nowhere to go but down after peaking in 2017 with a record $153 billion. But each year since brought different forecasts from players around the world of residential real estate.
Some agents proclaimed their foreign clients’ return to the city to the New York Post in July 2021, one year before Douglas Elliman chairman and CEO Howard Lorber told Bloomberg interest that had slowed again as the strength of the U.S. dollar had impeded luxury sales to international buyers. The topic popped back into the news cycle last month, when the Wall Street Journal reported an influx of overseas buyers returning to cities like New York and Miami.
Although the brokers agreed international buyers were back in the market, when exactly they returned, and in what volume, is harder to track.
Data on buyers’ identities and nationalities are often obscured in public records — particularly at the higher end of the market. Instead, the timeline and population of buyers is left up for debate by the brokers and firms at the forefront.
New York has long ranked among the top destinations for international investment, but took a backseat in popularity among U.S. cities in recent years. The Empire State claimed 4 percent of foreign buyers last year, trailing popular pandemic spots like Florida and Texas, according to National Association of Realtors data.

For Field, the trickle began with Indian buyers toward the end of last year. She later ramped up her Asian global desk as ultra-high-end buyers from Singapore, Taiwan and Hong Kong reemerged, and by the start of this year, Field had opened her Canada desk.
A lot of international buyers are actually pleasantly surprised about how strong the city is now and pleasantly surprised that they don’t feel like it’s unsafe.
CHARLIE ATTIAS, COMPASS
Among some of her clients’ chief concerns is the perception of crime as broadcast by international press coverage. One of Field’s buyers, the mother of an Asian family she’s worked with for nearly 20 years, asked her if she carried a gun and whether she should advise her daughter to get a permit for one when she moved to the city for her job.
Other brokers pointed to concerns such as trash cleanup, homelessness and changing policies that may make it more difficult for foreign investors to buy property.

“A lot of international buyers are actually pleasantly surprised about how strong the city is now and pleasantly surprised that they don’t feel like it’s unsafe,” Compass’ Charlie Attias said. “In other parts of the world, it’s much more unsafe, especially in big cities.”

Language arts

Attias heads an 11-person team with a particular focus on international clients. With this niche in mind, he assembled a team of agents with an emphasis on international experience and language skills. The team speaks a combined eight languages, including English, French, Hebrew, Arabic, Italian, Spanish, Mandarin and Cantonese.
Attias, who is currently working with buyers from Saudi Arabia, Qatar, Mexico and China, said he expects the weakening U.S. dollar to mean the flow of international buyers in the city will continue in the coming months.
Nayi Shen and her new development team at Nest Seekers focuses primarily on buyers from Asia, namely China and some from Japan and South Korea, who often buy property for their children to attend school or start a new job.
To reach international clients, Shen and her 15-member team promote their listings and services on social media in multiple languages and use WeChat, Weibo and other platforms. Shen said she expects activity to pick up for her over the summer, as several clients have already lined up trips to the city.

While Shen works primarily with new developments in Queens, she said many of her clients express interest in projects they’ve seen in other social media posts, including developments in Midtown or Hudson Yards.
Some buyers come with specific buildings in mind after seeing advertising by developers, who often produce brochures in multiple languages and hire public relations companies to do overseas campaigns.
Philip Hordijk targets a wide swath of international buyers with his New York-based brokerage, Leven Real Estate. As founder and CEO, he launched a website in 25 languages and hired 15 agents of various nationalities, including six from Europe, six from Latin America and three from Asia.
For Leven, business in New York began picking up again this year, as interest in other U.S. cities has started to fade. Though international buyers were drawn to Miami in 2021 and 2022 because of a “real energy there,” many are setting their sights back on New York.
As the buzz around other towns begins to dim, Hordijk said international buyers are back to looking in the city’s areas they know and consider safe, like neighborhoods near Central Park.

Though international buyer activity is up for Leven this year, Hordijk said he’s also focused now on overseas clients who bought property between 2012 and 2016 and are now ready to sell. Unlike many domestic sellers, international property owners may be more willing to sell at or below the price they paid because of the exchange rate.
“Even if they’re taking a haircut, in their currency they feel they’re still winning,” Hordijk said.
 
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