Global News

[ad_1] Craig Warga | Bloomberg | Getty Images Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears. There were 2,546 sales in the quarter, down from 3,560 last year, according to a report from Douglas Elliman and Miller Samuel. The decline was the largest since the third quarter of 2020, during the depths of the pandemic. Prices also declined for the first time since early 2020, with the median price down 5.5%. The declines in both sales and prices mark the end of the roaring comeback in Manhattan real estate after the worst days of the pandemic and raise fears of continuing weakness into the new year. Rising interest rates, a weaker economy and a falling stock market, which has an outsized impact on Manhattan real estate, are all likely to weigh on the market this year. Analysts say their big worry is a prolonged standoff between buyers and sellers — with sel...

[ad_1] Mbbirdy | E+ | Getty Images The population of the super wealthy, or those worth $100 million or more, doubled over the past 20 years as asset prices soared around the world, according to a new report . There are now 28,420 so-called centi-millionaires worldwide, up 12% over last year and more than twice the number in 2003, according to a new report from Henley & Partners , a wealth and migration advisory firm, which used data from New World Wealth . The surge in centi-millionaires reflects the rapid rise in asset values fueled by low interest rates, which boosted the values of everything from real estate and land to stocks, private companies and art. The rise of tech wealth, especially in the U.S., has also helped fuel the growth in the super wealthy. The number of billionaires in the world has skyrocketed from under 500 people in 2003 to more than 2,600 people today, according to Forbes and other wealth-tracking firms. Low interest rates and the resulting flood of mone...

[ad_1] A man enters a building with rental apartments available in New York City. Eduardo Munoz Alvarez | VIEW press | Corbis News | Getty Images Median rents in Manhattan hit a new record in January as a strong job market and limited supply of apartments lifted prices. The median rental price rose 15% to $4,097 from the year-earlier month — the highest ever in January, according to a report from Douglas Elliman and Miller Samuel . The average rent in Manhattan was $5,142, up 13% over January 2022. Analysts and real estate experts had expected rents to start falling in January after record surges late last year. But despite a cooling economy and high-profile layoffs in finance and tech, rental demand in Manhattan remains strong. "We're not seeing rents fall in any meaningful way" said Jonathan Miller, CEO of Miller Samuel, a real estate appraisal and research company. "They're really just moving sideways." Analysts say the main driver for Manhattan...