South Africans invest in property in the US for capital gain and to hedge against the rand – and some of the most exciting opportunities are in New York City
Vision has underpinned the most imaginative concepts, across a range of genres, not the least of which is 15 Hudson Yards on the west side of Manhattan.
“People like to invest in New York City because it has been able to withstand so many economic bubbles,” says South African – born Keren Ringler, a New York City property specialist with CORE. Despite the recession of 2008, the value of property has increased over time. That year the average condominium sold for $1.8m. In 2017 the selling price was $3.2m. The rental market has increased accordingly.
Does real estate property investment help you with becoming a US citizen? “No,” says CORE real estate broker Keren Ringler. “It’s not as easy as it looks… unless you buy into an investment property as an EB-5 investor, and you have a registered business with an income that allows you to qualify for the EB-5 visa.”