The sheer diversity of factors in the city’s success make New York’s residential real estate highly sought-after, from the international wealthy seeking a foothold in a global city through to local young families realizing the appeal of urban living.

Strong occupier demand and limited supply has pushed up prices so affordability is a growing issue for many.

Although costly by US standards, prime New York residential real estate is still relatively good value by global levels (Figure 1). Prime prices are 35% less than London and 61% below Hong Kong, but rising, increasing by 42% from $1,200psft in 2008 to $1,700psft in 2015.

^{Source: Savills World Research}