After the black months post-lockdown, the light of rebirth can be seen in the city of New York. The pandemic, which had brought the inventory of properties available on the market to 9,277, the highest number since May 2011, with an increase of almost 56% compared to the beginning of 2020, seems to have changed course. The confirmation comes from the data for the first quarter of 2021. In the first three months of the year, in fact, 3,700 new sales contracts were signed in Manhattan, the highest number since 2007, up 58% compared to the same period of 2020. The combined effect of three factors: significantly reduced prices (-12% compared to the first quarter of 2020), tassi d’interesse ancora contenuti e
Also market inventory data offered positive scenarios, recording a drop of 20% compared to the last quarter of 2020. “The data of the first quarter of 2021 are particularly significant because they allow us to compare the current market conditions with those of the last period of 2020 which it was not affected by Covid, which instead hit New York from the end of March onwards ”, explains Andrea Pedicini, real estate broker of Corcoran, a leading real estate brokerage company in the Big Apple. “To push the number of sales there is first of all the drop in prices recorded starting from 2020” – points out Pedicini. “The dynamism of the Manhattan real estate market has allowed sellers to quickly match buyers’ expectations in terms of price, thus registering the highest number of sales contracts since 2007 between January and March”.
The data related to the rental market, with a 90% increase in new leases recorded in March compared to the same month of 2020: an increase that fits in the wake of what has already been seen in February, with a + 112% compared to February 2020, as regards January with a + 56% compared to January 2020.
“This is the most obvious sign that the people are returning to the city, also in this case attracted by decidedly advantageous rents, with prices falling on average by 15-20% compared to before the pandemic. This puts a strain on the thesis of New York’s detractors, for whom the ’emptying’ of the city recorded in recent months was considered definitive ”, says Pedicini, who represents and manages the real estate portfolios of many Italian investors in New York. “Prices, lowered by an average of 10-15% compared to the previous market peak, are destined to remain so at least until the summer. This, inserted in a macroeconomic context that has clearly improved from 2021 onwards, creates the best conditions for the medium-long term investor ”, concludes Pedicini.