In the early 2010s, wealthy individuals overseas flooded New York City’s residential market, creating a wave of demand that supported flashy new developments around the city.
That money began to trickle off before 2020 and disappeared further in the years around the pandemic as travel restrictions and geopolitical tensions made the U.S. a less-appealing place to buy.
While New York’s real estate market is staring down what’s shaping up to be yet another lackluster year in 2025, international buyers and sellers are a strong part of its performance, according to an analysis of public records by The Real Deal.
In the first half of 2025, there has been roughly one foreign buyer for every two foreign sellers, the lowest that ratio has been since the first half of 2020. The ratio peaked in 2023, when there were 3.6 international sellers for every buyer.
Compared to last year, international buyers have doubled on a sales volume basis.
“I do 20 showings a week and like 15 of those are for foreign investment and or foreign buyers,” said Serhant’s Peter Zaitzeff, who is leading sales at Williamsburg Wharf and 200 Amsterdam Avenue on the Upper West Side. “I noticed it and have been talking to my team about it too.”
Zaitzeff said the majority of interest has been from Asian buyers, something Serhant’s Kayla Lee has also seen at her two projects, The Huron in Greenpoint and the Vesta in Long Island City.
“In the last few months, we did have a nice steady amount of traffic with especially Chinese buyers,” she said. “The Chinese economy is taking a downturn. There’s a lot of things happening, and a lot of people trying to get money out of the country.”
While the broader U.S. housing market has continued to stall, New York’s luxury market — home to a sizable share of foreign buyers — has remained strong. In June, homes asking over $4 million signed 153 contracts according to the Olshan luxury report, the third-highest total since the report began tracking the market nearly two decades ago.
Meanwhile, China has seen its housing market nosedive, with residential sales by value falling over 6 percent year-over-year in May.
At the Vesta, which has sold 40 percent of its 115 units since launching sales in April, Century Development Group is accepting renminbi, the Chinese currency. “For RMB buyers, it’s very easy for them because they don’t have to worry about getting dollars out of the country,” Lee said.
She estimates nearly a third of the buyers have been international thus far.
New developments like The Huron or Williamsburg Wharf do particularly well with foreign buyers who want “the biggest amenities package, the newest product, the most luxurious product,” according to Zaitzeff.
And buyers have become more comfortable moving outside of the confines of Manhattan for their amenities, according to Lee. The buyer of The Huron’s priciest unit on a price per square foot basis, a 1,600 square foot condo with a 700 square foot terrace that went for $4.2 million, owns a Japanese frozen food company and plans to use the condo roughly one month out of the year, she said.
The swing in international buyers comes despite tourism declines from neighboring countries like Canada and concerns over the economy following the U.S.’s new tariff policy. In 2025, the United States had the second largest inflow of millionaires to the country, behind the United Arab Emirates, according to a report from Henley & Partners, an advisor for wealthy clients looking to move around the world.
China had the second-largest outflow of millionaires, topped only by the United Kingdom, according to the report.
Corcoran’s Kane Manera, who leads sales at Central Park Tower, said he just traveled to London to present properties, including the trophy project at 217 West 57th Street. Manera said international buyers see prime New York City real estate as relatively well-priced compared to other places around the world.
Manera also added that despite concerns of political instability in the U.S. driving away potential buyers, it’s all relative to what other countries are experiencing.
“Despite the fact that there is uncertainty in the United States, I think there’s a lot of other countries out there that are more uncertain,” he said. “We don’t look through the eyes of someone who’s living in the UK or someone who’s living in China. But compared to those places, we are a place to be still.”
Douglas Elliman’s George Vanderploeg sold a $10.5 million townhouse on the Upper West Side to a couple from London in February, and said two of his last four deals have come from foreign buyers.
“Every billionaire wants to have a place in New York,” he said.
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The foreign buyer fallout
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