The US market

During the past few years land values in Manhattan have reached new heights, with more land below 110th Street selling for at least $300 per buildable foot, and strong locations priced in excess of $700 per square foot. The drivers for this market have been the worldwide real estate market's strength, low interest rates, the weakness of the dollar, domestic and foreign focus on Manhattan, the city's resilience after 9/11 and continued economic expansion. Many of these factors reflect temporary market aberrations. However, the most important drivers reflecting permanent market adjustments are what make New York an excellent long-term investment, according to US estate agent Studley. New York consistently emerges as the most expensive US city on both a cost of living and real estate price basis.