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News

March 4, 2020

New York Condo Developers Have 31,000 Reasons to Smile

 

WSJ
By Katherine Clarke

New York City condo developers are facing a supply overhang and tax changes resulting in greater costs for buyers. But there is one bright spot: an uptick in the number of people around the world who can afford their seven-digit apartments.

Approximately 31,000 ultra-high-net-worth people were minted in 2019, an annual growth rate of 6% and more than three people per hour, according to a new report by U.K.-based real-estate firm Knight Frank and New York brokerage Douglas Elliman. The report defined ultra-high-net-worth individuals as people with a net worth of $30 million or more. The previous year saw a rate of just 4%. Read more.

 
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