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The US is soon lifting the travel ban that has prevented non essential travel from over 33 countries. The changes will include entry to fully vaccinated citizens from the UK, Ireland, European Union China, India, Iran, Brazil and South Africa. I expected this will further fuel the real estate market in NYC as this the international buyer is a major buyer segment that has been missing from the market since the shutdown in early 2020. Foreign buyers usually go after new development buildings across the city for an investment or pied e terre use.
Not only will this help the real estate market but it will help the hurting tourism industry in NYC. The opening of international borders is the last missing piece as universities, office buildings, the theatre, museums, and restaurants are open to vaccinated people. The travel ban lift is planned to take place in November, any changes to the market will be reflected in the 1st quarter sales market report in 2022. Stay tuned.