According to a recent report from international property advisor Savills, the real estate market in New York is among the world's best in terms of value.
Since December 2005, the company's World Class Index, which surveys premier global residential property locations, has grown 77 percent. So far in 2011, the index has increased by 6 percent.
The markets in Tokyo, London, Paris, Sydney and New York have recorded a 32 percent growth in property values since 2005. In addition, the new and emerging markets in Shanghai, Singapore, Hong Kong, Moscow and Mumbai have shown an average value growth of 123 percent during the same period.
"It becomes apparent that the debt induced crisis of 2008 was suffered most by the old world cities and not the new world ones," said Yolande Barnes, head of Savills residential research. "The biggest old world value rebounds have been experienced in the cities most open to new world investment, notably London and Paris."
The continued success of the New York real estate sector on the global scale is impressive, considering the financial recession, which has heavily affected many homes-for-sale markets.
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