Big Apple bucking property slowdown in US as rich bankers and foreigners seek bargains

[Nicholas Wallwork]

Most real estate markets in the US are reeling from the latest figures that show house sales plummeted in July but the residential market in New York is bucking the national trend.

With mortgage rates and property prices at historic lows, the city’s more affluent residents are cashing in to buy at bargain prices, according to agents who are reporting a surge in activity in private home sales in recent months.

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