Real estate prices have fallen in New York, the most expensive market in the United States, for the third successive quarter.
The hit the financial industry has taken in the US has had massive ripple effects, and as Manhattan’s primary business, it’s not surprising that the real estate market is suffering. In the first quarter of 2008, the average price for an apartment was $1.6 million US, whereas in the last quarter the average had slumped to $1.49 million US.
In saying this, if any place is likely to recover first, it’ll be Manhattan. It’s a small and highly desirable location, so the rebound probably isn’t as far away as it is in many other cities.