How Will Fewer Chinese Buyers Affect NYC Real Estate?
During the pandemic, a series of tumultuous and ongoing events had a significant impact on where people wanted to live and how they made real estate purchases. In its most noticeable manifestation, this resulted in available rural real estate dropping, as people — some alarmed by the pandemic, others embracing remote work — opted to head to a less crowded part of the country.
But domestic buyers weren’t the only people whose buying habits changed during the pandemic. A new article by Rong Xiaoqing in Curbed cites a recent study that shows that Chinese nationals, previously the top overseas buyers of American real estate, had dropped to third on the list behind Canadians and Mexicans.
Xiaoqing’s article cites a host of factors, from the Trump administration’s rhetoric to a relatively long wait needed to get a green card. For some prospective buyers, the number…