Jonathan J Miller, Columnist

Manhattan Condo Shock for Euro Buyers

Europeans, the biggest group of foreign purchasers of Manhattan real estate, may buy less because of the weakening euro.

January 29, 2015 at 4:37 PM UTC

By Jonathan J Miller

Jonathan Miller writes about the housing economy and other aspects of real estate. He began a real estate blog, the Matrix, in 2005, and has written a column for Curbed.com. He is co-founder of Miller Samuel, a residential real estate appraisal company, and the commercial valuation firm Miller Cicero.

Not so cheap now.
Photographer: Jin lee/Bloomberg

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During the past year, foreign buyers have accounted for about a third of all condo deals in Manhattan. It probably won't last.

Despite the hype about Chinese and Russian buyers bringing suitcases of cash to make purchases, Europeans have been the largest investors in the market. And with good reason: Those who went shopping with euros enjoyed a large discount compared with their domestic counterparts as a result of the weak U.S. dollar.