Taking on the world was a major theme during the Global Real Estate Summit NYC held earlier this month.
With foreign investment in US residential real estate at an all-time high, over 400 summit guests heard a series of powerhouse speakers bestow the virtues of mastering the global market.
“The tools and resources available to real estate professionals for bolstering their ability to succeed is constantly changing,” said Sandy Krueger, CEO of Staten Island Board of Realtors (SIBOR).
“The international aspects of real estate may be harder to master than more traditional skills – but for those who do, the opportunities are endless. This conference was about learning how to identify and use those tools and resources to be a more successful practitioner.”
According to the National Association of Realtors (NAR), between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of residential property, which is a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high.
Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases accounted for 10 percent of the dollar volume of existing-home sales (8 percent in 2016).
Summit speakers from several businesses and organizations addressed different aspects of the global market, including representatives from The New York Wheel, China Construction America and Global Properties Realty & Investments.
The Global Real Estate Summit NYC, held at the Marriott Marqui in Manhattan, was hosted by the Hudson Gateway Association of Realtors and Staten Island Board of Realtors and sponsored by the National Association of Realtors.
“This is our first year participating in this major event and we were excited to provide a wealth of valuable information for all of our members in the Hudson Valley and Manhattan,” said Richard Haggerty, CEO of HGAR.