As foreigners stream into US cities and resorts, most pay in cash but an increasing number are tapping US lending sources to take advantage of low rates and as restrictions on foreign buyers decline. Borrowing US funds also provides buyers with more buying power as they seek perceived US properties in A-list locations selling at relative bargains compared to other global cities. A Global Cities report by Knight Frank rates NYC as the 8th-most-expensive city on a price per square foot basis for residential property, less expensive than Monaco, Hong Kong, London, Geneva, Paris, Singapore and Moscow.
Link to article by Lisa Prevost, May 30, 2013 NYT
Image credit: The Real Deal: “The Myth of the All Cash Foreign Buyer”, Oct 31, 2011