Even rich Manhattan sees falling apartment prices in recession
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Washington - Manhattan, the most expensive place in the United States, has begun to see apartment prices fall as a nationwide recession is scaring away even the wealthiest Americans, according to a real estate report Thursday. Sales of apartments in Manhattan plunged more than 50 per cent in the second quarter compared to the same period a year earlier. The average price of an apartment fell 21.4 per cent to 1.31 million dollars, according to Prudential Douglas Elliman Real Estate. Home prices have plummeted more than 30 per cent across the United States since mid-2006, as a decade-long housing boom came to an end. The crash has been at the heart of the wider US recession, but Manhattan had been holding up relatively well until last year.
Copyright DPA
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